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Seabird Exploration Limited BVI (Oslo Stock Exchange: SBX)
(Dubai, 7 April 2006) The NOK 552 million offering of 27,600,000 shares (including the over-allotment facility) of SeaBird Exploration BVI ("SeaBird") has been successfully completed at a price of NOK 20 per share. This implies a market capitalisation of the company of NOK 1,448 million after the offering.
The indicative price range was NOK 16 to NOK 20 per share. The offering was over-subscribed 11 times at NOK 20 per share.
Not for distribution to U.S. news wire services or for dissemination in the United States
SeaBird has carried out a successful share offering in connection with the company being listed on Oslo Børs on or about Tuesday 11 April.
The final price of NOK 20 per share corresponds to market capitalisation of NOK 1,448 million for SeaBird after completion of the offering. A total of 27,600,000 shares with a total value of NOK 552 million have been allocated. SeaBird raised NOK 200 million in new equity, and Bartica Company Limited sold shares for NOK 352 million (including the over-allotment facility).
The shares in SeaBird are expected to trade on Oslo Børs from on or about Tuesday 11 April.  The shares of SeaBird will trade on the Oslo Børs under the ticker symbol `SBX`.
ABG Sundal Collier acted as Lead manager and Bookrunner and Terra Securities acted as Co-lead Manager in the offering.
After completion of the transaction SeaBird will have 72,381,000 shares outstanding
and over 900 shareholders.
The secondary sale includes 3,600,000 existing shares which ABG Sundal Collier as Lead Manager has over-allotted. ABG Sundal Collier Norge ASA will issue a separate press release regarding this.
Notices regarding allotment will be issued on 7 April, and the transfer of shares is expected to take place on 11 April. The transfer of shares is dependent on the payment conditions as described in the prospectus.
Investors who have questions to the allotment, may contact ABG Sundal Collier or Terra Securities.
Dag W Reynolds
Mob: +47 908 83 737
Tim Isden
Mob: +47 905 87 815