February 27, 2008. British Virgin Islands/Dubai: SeaBird Exploration Limited (BVI) (`SeaBird` or `SBX`) has retained ABG Sundal Collier Norge ASA as manager to advice on and effect a private placement of up to 8,100,000 new shares. The private placement will be directed towards professional Norwegian and international investors.
The manager has received pre-commitments of USD 5 million from the Chairman and CEO of SeaBird, Mr Tim Isden.
The proceeds from the private placement will be used for increasing working capital, performance bonds in relation to recent contracts, capital expenditures of the Hugin Explorer and general corporate purposes.
For further queries contact:
Chairman and CEO SeaBird Exploration
Phone: +971 504 539075
CFO SeaBird Exploration Limited
Phone: +47 916 39367
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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 4C/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). 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.
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.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)