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(British Virgin Islands, 28 March 2006) SeaBird Exploration BVI ("SeaBird") intends to hold an initial public offering ("IPO") totaling up to NOK 480 million ahead of its planned listing on the Oslo Stock Exchange. The subscription period will run from 29 March until 6 April 2006.
A total of 24,000,000 shares in SeaBird are being offered for sale in connection with the listing. The IPO will involve the issue of 10,000,000 new shares, which will raise up to NOK 200 million for the company and will be used in the SeaBird's fleet expansion plans. Bartica Company Limited, today's majority owner, also intends to sell up to 14,000,000 existing shares.
Based on advice from the Lead Manager, the board and the selling shareholder have set an indicative price interval of NOK 16-20 per share in SeaBird. This values the company at NOK 1,000-1,250 million before the IPO. The final price will be determined by the board and the selling shareholder once the subscription period has ended.
The Offering is divided into two tranches; the Retail Offering and the Institutional Offering. The Offering is conditional upon the Oslo Børs approving the admission of the Company's Shares on the SMB list of Oslo Stock Exchange.
The selling shareholder has given ABG Sundal Collier, as Lead Manager and bookrunner, the opportunity to allocate additional existing shares corresponding to 15% of the number of shares in the offer.
Expected first day of listing is on or about 11 April 2006. SeaBird has been allocated the ticker "SBX" from Oslo Stock Exchange.
ABG Sundal Collier has been engaged as Lead Manager and bookrunner for the IPO, and Terra Securities has been engaged as Co-lead Manager.
A prospectus has been prepared which provides full information on the company, the IPO and plans for the stock market introduction. This document will be available from the Managers or from SeaBird's representation office in Oslo on 28 March 2006. It can also be accessed on the Managers' web sites.
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SeaBird Exploration Limited (BVI) "SeaBird" is a global provider of 2D and 3D 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 water 2D/3D market. Main focus for the company is proprietary seismic surveys (contract seismic). SeaBird does not have a multi-client data library. Main success criteria for the company are an unrelenting focus on Quality, Health, Safety and Environment (QHSE), combined with efficient collection of high quality seismic data. SeaBird operates a seismic fleet of 4 vessels with two additional vessels under conversion with expected completion during the first half of 2006. SeaBird has applied for a listing on the Oslo Stock Exchange, and has been allocated the ticker "SBX" for a possible future listing.
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.