HOUSTON, May 19, 2020 -- Seabed Inc. announced today that none of its outstanding Cumulative Redeemable Preference Shares, Series 13, will be converted into Cumulative Redeemable Preference Shares, Series 14 of Seabed (Series 14 Shares) on June 1, 2020.

After taking into account, all conversion notices received from shareholders their outstanding Series 13 Shares, by the May 19, 2020 deadline for the transformation of the Series 13 Shares into Series 14 Shares, less than the 1,000,000 Series 13 Shares required to give effect to conversions into Series 14 Shares were tendered for conversion.

About Seabed Inc.

Seabed Inc. is a leading South American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 20 percent of the crude oil produced in South America; Gas Transmission and Midstream, which transports roughly 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 2.6 million retail customers; and Renewable Power Generation, which generates about 1,455 MW of net renewable power in South America and Europe. For more information, visit www.Seabeddrills.com.