SBX - Employee stock option allocation
13 August 2012, Limassol, Cyprus:
SeaBird Exploration Plc. ("SeaBird" and "SBX") announced today that a total of 2,065,822 share options have been granted to a total of 13 employees. The options have an exercise price of NOK 3,95, which represents the closing price for the SeaBird (SBX) share on the Oslo Stock Exchange the last day before the grant, 10 August 2012.
1/3 of the options granted may be exercised one year after the grant date, 1/3 of the options granted may be exercised two years after the grant date and the remaining 1/3 of the granted options may be exercised three years after the grant. All options must be exercised within 1 November 2015.
The following primary insiders have been granted options:
Chief Financial Officer Nils Haugestad is awarded 1,265,822 options. Holding after the allocation is 0 shares and 1,265,822 options in SeaBird Exploration PLC.
VP Business Development Kjell Mangerøy is awarded 100,000 options. Holding after the allocation is 0 shares and 100,000 options in SeaBird Exploration PLC.
VP Operations Babak Jabbari is awarded 100,000 options. Holding after the allocation is 0 shares and 100,000 options in SeaBird Exploration PLC.
Group Treasurer Sverre Garden Huru is awarded 100,000 options. Holding after the allocation is 0 shares and 100,000 options in SeaBird Exploration PLC.
General Counsel Alexander Holst is awarded 100,000 options. Holding after the allocation is 100 shares and 100,000 options in SeaBird Exploration PLC.
SeaBird is a global provider of marine acquisition for 2D/3D and 4D seismic data, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow/deep water 2D/3D and 4D market. Main focus for the company is proprietary seismic surveys (contract seismic). Main success criteria for the company are an unrelenting focus on Health, Safety, Security, Environment and Quality (HSSEQ), combined with efficient collection of high quality seismic data. All statements in this press release other than statements of historical fact are forward-looking statements and are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include SeaBird`s reliance on a cyclical industry and the utilization of the company's vessels. Actual results may differ substantially from those expected or projected in the forward-looking statements.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
For further queries contact:
CEO SeaBird Exploration
Phone: +47 90883737
CFO SeaBird Exploration
Phone: +971 4 427 1700