The Financial Supervisory Authority of Norway (Finanstilsynet) has imposed an administrative violation penalty of NOK 247,000 on Seacrest Petroleo Bermuda Limited for breaching the Securities Trading Act requirement to publish its 2024 annual financial report within the prescribed deadline. The annual report was due no later than 30 April 2025, and Finanstilsynet concluded it has not been published and will not be published. Stock exchange announcements indicated the company is in provisional liquidation, with joint provisional liquidators appointed on 21 February 2025, and the liquidators cited enforcement action by secured lenders on 15 January 2025 and a lack of assets, operations, employees and funding to prepare the report. Finanstilsynet found no relevant excuse for the failure to meet the disclosure obligation, assessed that the breach involved negligence (including possible cumulative errors), and set the penalty at NOK 247,000 based on its practice of linking penalty levels to the issuer’s market value via the annual price listing fee for 2025. The decision may be appealed within three weeks of receipt, with the Financial Supervision Appeals Board as the appeal authority. Collection will be handled by the Norwegian National Collection Agency, with an invoice issued after the appeal deadline expires or, if appealed and upheld, after the appeal is final.

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