Hamilton, Bermuda, 24 July 2025: Seacrest Petroleo Bermuda Limited (in
Provisional Liquidation) ("Seacrest Petroleo" or the "Company") refers to its
announcement on 7 March 2025 regarding the appointment of Mike Penrose and
Igal Wizman as Joint Provisional Liquidators ("JPLs") over the Company.
On 21 July 2025, the JPLs filed a motion in the Recuperação Judicial ("RJ") of
the Seacrest Petroleo Cricare Bermuda Limited ("SPCBL") Group in Brazil
(Judicial Recovery No. 1021319-27.2025.8.26.0100). The JPLs submitted the
motion on behalf of SPBL with the intention of obtaining information to assist
in establishing a creditor claim in the RJ as relates to the intercompany debt
originally owed by SPCBL to SPBL. The motion requested the following from the
SPCBL Group:
* Copies of the contractual documents and respective calculation of the
creditor claims held by the secured lenders (the "Secured Lenders") under
the Kraken Credit Agreement;
* Copies of all contractual documents related to the enforcement of the
guarantees under the Kraken Credit Agreement;
* Details of the amortization of the secured and unsecured creditor claims
held by the Secured Lenders after the execution of the guarantees under the
Kraken Credit Agreement, with a clear indication of the outstanding balance
of the creditor claims after the execution; and
* Clarifications on all acts and procedures for the execution of the
guarantees and amounts received by Secured Lenders in the context of the
execution of the guarantees of the Kraken Credit Agreement Agreement.
For further information, please contact:
Seacrest Petroleo Bermuda Limited (in Provisional Liquidation)
c/o EY Bermuda Ltd.
3 Bermudiana Road
Hamilton HM08
SPBL.JPLs@bm.ey.com
The JPLs act as agents of the Company and without personal liability.
Important information
Matters discussed in this press release may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believes",
"continue", "estimate", "expect", "intends", "may", "should", "will" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its
control. Such risks, uncertainties, contingencies and other important factors
could cause actual events to differ materially from the expectations expressed
or implied in this release by such forward-looking statements. The
information, opinions and forward-looking statements contained in this release
speak only as at the date of this release and are subject to change without
notice.
This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2025-07-24 15:00 CEST.