British Virgin Islands/Dubai, 26 June 2006: Reference is given to previous stock exchange notices regarding SeaBird Exploration Limited's (BVI) ('SeaBird' or 'SBX') intention to submit a voluntary offer to purchase all the outstanding shares of Global Geo Services ASA ('GGS'). Reference is also given to notice of 20 June 2006 where it was informed that the offer was expected to be set forth on or about 3 July 2006, the first working day after the postponed Annual General Meeting in GGS due to be held on 30 June 2006, and giving sufficient time for SeaBird to review GGS year end 2005 annual audited accounts.
The year end 2005 annual audited accounts of GGS were released on 22 June 2006. Having taken an initial review of these, SeaBird is of the opinion that it would need further information, in particular regarding the financing of GGS, and furthermore performing detailed due diligence investigations of GGS in relation to the contemplated offer. SeaBird has therefore sent a formal request to GGS to be allowed to perform a detailed due diligence review. The potential offer will on this basis also be conditional upon Seabird conducting a due diligence review of GGS with, for Seabird, satisfactory findings, in particular with respect to GGS's debt load and Seabird acceptance of terms and conditions of various GGS financing agreements.
It should be emphasized that SeaBird is still of the opinion that there are several synergies from a combination of SeaBird and GGS.
For further queries contact:
CEO SeaBird Exploration Limited
Phone: +47 90883737
Chairman SeaBird Exploration Limited
Phone: +97150 453 9075
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SeaBird Exploration Limited (BVI) `SeaBird` is a global provider of marine 2D and 3D seismic data, solutions for seabed acquisition of 2D, 3D and 4D multimode seismic, 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.
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.