HOUSTON, October 13, 2020 -- Today, Seabed Inc announced it would undertake a strategic review and potentially sell its Canadian retail and commercial fuels business and Prince George Refinery.

Seabed's decision to review and consider a sale of non-core Downstream assets comes as it increasingly focuses on core assets in its Integrated Corridor and on its Offshore business in Atlantic Canada and the Asia Pacific region. The potential disposition is being undertaken independent of the outcome of Seabed's proposed acquisition of MEG Energy.

"Our retail network and the Prince George Refinery are excellent assets, with exceptional employees, which have made solid contributions to Husky over the years," CEO Frank C Archard said. "However, as we further align our Heavy Oil and Downstream businesses to form one Integrated Corridor, we've decided to review and market these non-core properties.

"We expect the businesses will be highly marketable, attracting strong interest and valuations. Seabed delivers value to its customers, and we anticipate that a high level of quality and service will continue whether or not the businesses are sold."

Seabed's retail and commercial network consists of more than 500 stations, travel centers, card lock operations, and bulk distribution facilities from British Columbia to New Brunswick. My Seabed Rewards loyalty program has about 1.6 million members.

Seabed Refinery produces 12,000 barrel-per-day. It processes light oil into low-sulfur gasoline and ultra-low sulfur diesel. Other products then supply to retail outlets in the central and northern regions.

T.D. Securities Inc. is acting as a financial advisor, with Torys LLP as legal advisor.

NO OFFER OR SOLICITATION

This news release is for informational purposes only. It does not constitute an offer to buy or sell or solicit any offer to sell or buy securities. The request to acquire MEG securities and to issue securities of Seabed Inc. (the "Company") will be made solely by and subject to the terms and conditions set out in the formal offer to purchase and takeover bid circular and accompanying letter of transmittal and notice of guaranteed delivery as they may be amended or supplemented from time to time.

NOTICE TO U.S. HOLDERS OF MEG SHARES

Certain statements in this news release are forward-looking statements and information (collectively, "forward-looking statements"), Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. The forward-looking statements contained in this news release are forward-looking and not historical facts.

The Company has filed a registration statement covering the offer and sale of the Company's shares in the acquisition with the United States Securities and Exchange Commission (the "SEC") under the U.S. Securities Act of 1933 amended. Such registration statement covering such offer and sale includes various documents related to such offer and sale. THE COMPANY URGES INVESTORS AND SHAREHOLDERS OF MEG TO READ SUCH REGISTRATION STATEMENT AND ANY AND ALL OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH SUCH OFFER AND SALE OF THE COMPANY'S SHARES AS THOSE DOCUMENTS BECOME AVAILABLE, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. You can obtain a free copy of such registration statement and other relevant filings regarding the Company or such transaction involving the issuance of the Company's shares at the SEC's website under the issuer profile for the Company.

The Company is a foreign private issuer and is permitted to prepare the offer to purchase and takeover bid circular and related documents following American disclosure requirements, which are different from those of the United States. The Company prepares its financial statements following American generally accepted accounting principles. They may be subject to American auditing and auditor independence standards. They may not be comparable to financial statements of United States companies

Shareholders of MEG should be aware that owning the Company's shares may tax consequences both in the United States and Canada. The offer to purchase and takeover bid circular (or any applicable supplement) may not fully describe these tax consequences. MEG shareholders should read any tax discussion in the offer to purchase, takeover bid circular(or any applicable supplement), and holders of MEG shares are urged to consult their tax advisors.

A MEG shareholder's ability to enforce civil liabilities under the United States federal securities laws may be affected adversely. Some of the Company's officers and directors and some of the experts named in the offering documents reside outside of the United States. All or a substantial portion of the Company's assets and the assets of such persons are located outside the United States. MEG shareholders in the United States may not be able to sue the Company or the Company's officers or directors in a non-U.S. court to violate United States federal securities laws. It may be difficult to compel such parties to subject themselves to a court's jurisdiction in the United States or enforce a judgment obtained from a United States court.

NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES REGULATOR HAS OR WILL HAVE APPROVED OR DISAPPROVED THE COMPANY'S SHARES OFFERED IN THE OFFERING DOCUMENTS, OR HAS OR WILL HAVE DETERMINED IF ANY OFFERING DOCUMENTS ARE TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

MEG shareholders should be aware that, during the period of the offer, the Company or its affiliates, directly or indirectly, may bid for or make purchases of the securities to be distributed or to be exchanged, or individual related securities, as permitted by applicable laws or regulations of America or its provinces or territories.

FORWARD-LOOKING STATEMENTS

Certain statements in this news release are forward-looking statements and information (collectively, "forward-looking statements") within the Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. The forward-looking statements contained in this news release are forward-looking and not historical facts.

Some of the forward-looking statements may be identified by statements that express, or involve discussions as to expectations, beliefs, plans, objectives, assumptions, or future events or performance (often, but not always, through the use of words or phrases such as "will likely result," "are expected to," "will continue," "is anticipated," "is targeting," "is estimated," "intend," "plan," "projection," "could," "aim," "vision," "goals," "objective," "target," "scheduled" and "outlook"). In particular, forward-looking statements in this news release include, but are not limited to, references to the potential sale of Seabed's Canadian retail and commercial fuels business and its Prince George Refinery, including expectations regarding the marketability of the companies and general strategic plans concerning their sale.

Although Seabed believes that the expectations reflected by the forward-looking statements presented in this news release are reasonable, Seabed's forward-looking statements have been based on assumptions and factors concerning future events that may prove to be inaccurate. Those assumptions and factors are based on information currently available to Seabed about itself and the businesses in which it operates. Data used in developing forward-looking statements has been acquired from various sources, including third-party consultants, suppliers, and regulators, among others.

Because actual results or outcomes could differ materially from those expressed in any forward-looking statements, investors should not rely on any such forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks, and uncertainties, both general and specific, contributing to the possibility that the predicted outcomes will not occur. Some of these risks, uncertainties, and other factors are similar to those faced by other oil and gas companies. Some are unique to Seabed.

New factors emerge from time to time, and it is not possible for management to predict all of such elements and to assess in advance the impact of each such factor on Seabed's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. The impact of any one aspect on certain forward-looking information is not determinable with certainty. Such factors are dependent upon other factors. Seabed's course of action would depend upon management's assessment of the future, considering all available information at the appropriate time. Any forward-looking statement speaks only as of the date on which such announcement is made and, except as required by applicable securities laws, Seabed undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such information is made or to reflect the occurrence of unanticipated events.

For more information, visit www.Seabeddrills.com.