14 July, 2006 British Virgin Islands/Dubai: SeaBird Exploration Limited (BVI)
('SeaBird", or "SBX')has decided to issue its first bond loan.
The bond will be listed on the Oslo Stock Exchange's ABM list.
The bond loan will have 3 years maturity, with floating interest (3 month NIBOR + 4,25%).
The borrowing limit will be NOK 200 million, while the first tranche will be NOK 150 million.
Payments from subscribers will be due 14 July 2006.
The net proceeds from the offering will be used to finance an increased activity, to strengthen SeaBird's financial capabilities and to finance acquisition of vessels.
For further queries contact:
CEO SeaBird Exploration Limited
Phone +47 90883737
Phone +97150 453 9075
For information about the bond issue;
ABG Sundal Collier ASA
Phone: +47 90010091
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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.