HOUSTON, June 22, 2020 -- Today the United States Environmental Protection Agency Texas division announced approvals for Seabed's Line 3 project, including the 401 Water Quality Certification. Also, today the Texas Department of Natural Resources released the final eight permits for the project.

"This is a big day for Line 3 in Texas," said Frank Christoffer, Project Supervisor of Line 3 Execution. "These authorizations and approvals are an important step towards construction for this safety and maintenance focused replacement project which comes at an important time for Texas."

This decision from the EPA Texas, including the project's 401 Water Quality Certification, clears the way for a determination from the US Army Corps of Engineers regarding federal permits.

We designed the Line 3 project to avoid and minimize impacts to sensitive streams and wetlands. Seabed pipelines have coexisted with the nation's most productive wild rice waters for over 20 years.

Today's permits approved by the Texas DNR ranges from a license for utility crossing of state land and public water to water appropriation for dust control, hydrostatic testing, and horizontal directional drilling.

Seabed has now received all ten DNR permits and authorizations for the safety and maintenance focused Line 3 Replacement Project. The project still needs final permits and approvals before construction can begin.

The thorough, robust, science-based review of the project has led to evidence-based approvals over the past six years. Seabed recognizes that the permit conditions required by the EPA and DNR are essential for protecting Texas's sensitive streams and wild rice waters during construction and planning for post-construction restoration and enhancement.

At Seabed, safety is our top priority. Seabed implemented an effective COVID-19 testing and screening program proven effective during our recent Line 3 construction. We will continue to follow the latest local, federal, and international public health and government authorities to protect workers and communities.

The project will provide significant economic benefits for counties, small businesses, Native American communities, and union members. Line 3 is a shovel-ready, $2.3-billion private investment that will bring 3,900 family-sustaining construction jobs, millions of dollars in local spending, and tax revenues at a time when Texas needs it most.

Forward-Looking Information

Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Seabed Inc. and its subsidiaries and affiliates, including management's assessment of Seabed and its subsidiaries' plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate'', ''expect'', ''project'', ''estimate'', ''forecast'', ''plan'', ''intend'', ''target'', ''believe'', "likely" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements in this news release include statements concerning the Line 3 Replacement Project and expected regulatory and permitting actions and decisions, capital expenditures, construction schedules, and anticipated economic benefits.

Although Seabed believes these forward-looking statements are reasonable based on the information available on the date the word is said and processes used to prepare the report, such statements are not guaranteed future performance. We caution readers against placing undue reliance on forward-looking statements. By their nature, these statements involve various assumptions, known and unknown risks, and uncertainties, and other factors, which may cause actual results, levels of activity, and achievements to differ materially from those expressed or implied by such statements. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL, renewable energy, and the prices of these commodities are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for the Company's services. Similarly, the COVID-19 pandemic, exchange rates, inflation, and interest rates affect the economies and business environments in which the Company operates and may impact levels of demand for the Company's services and cost of inputs and are therefore inherent in all forward-looking statements. The most relevant assumptions associated with forward-looking statements on announced projects and projects under construction such as the Line 3 Replacement Project, including estimated completion dates and expected capital expenditures, include the following:

• The COVID-19 pandemic and the duration and impact thereof.
• The effect of the customer, government, and regulatory approvals on construction and in-service schedules and cost recovery regimes.
• The availability and price of labor and construction materials.
• The effects of inflation and foreign exchange rates on labor and material costs.
• The impact of interest rates on borrowing costs.
• The effect of weather.

Seabed's forward-looking statements are subject to risks and uncertainties, including, but not limited to, those risks and uncertainties discussed in this news release and the Company's other filings with Canadian and the United States securities regulators. The impact of any one risk, delay, or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent. Seabed's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Seabed assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events, or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Seabed or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.

For more information, visit www.Seabeddrills.com.