NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN
Reference is made to the stock exchange announcement from SeaBird Exploration ("SeaBird" or the "Company") on 11 July 2018 regarding the acquisition of the seismic vessel Geowave Voyager (the "Vessel" or "Geowave Voyager") and certain seismic equipment from Exploration Vessel Resources II AS, a wholly owned subsidiary of CGG S.A. ("CGG"), for a cash consideration of USD 17 million and the NOK 120 million Private Placement to partly fund the acquisition of the Vessel.
The Company is pleased to announce that the agreement to acquire the Vessel has today become effective and unconditional following a successful technical inspection of the Vessel.
The condition for completion of the Private Placement is thus satisfied. Payment for and delivery of the Offer Shares will be on or about 6 August 2018. Payment instructions will be distributed to the investors on 2 August 2018. The Offer Shares will be delivered on a separate ISIN and will upon approval of a listing prospectus be transferred to the Company's ordinary ISIN and listed, expected late August.
ABG Sundal Collier ASA, Fearnley Securities AS and SpareBank 1 Markets AS have acted as Joint Lead Managers and Bookrunners in the Private Placement. Advokatfirmaet Schjødt AS acts as Norwegian legal counsel to the Company.
Extended information about the transaction:
The transaction is not subject to any particular concession or other conditions for completion. Transfer of ownership expected to be completed on or around October 2018. The purchase price for the vessel and equipment is USD 17 million payable in cash, and funded by the proceeds from the Private Placement. Strategically, the transaction will provide SeaBird with a suitable quality vessel further strengthening its position and service offering in the 2D, source and niche 3D markets. There are no agreements in connection with the transaction for the benefit of leading employees or board members of the purchaser or the seller.
For further information, please contact:
Hans Petter Klohs
CEO SeaBird Exploration
Phone: +47 22 40 27 18
CFO SeaBird Exploration
Phone: +47 22 40 27 17
This information is published in accordance with the requirements of the Continuing Obligations. This information is subject of the disclosure requirements pursuant to section 5 - 12 of the Norwegian Securities Trading Act.