17 June, 2009. Cyprus: SeaBird Exploration Limited ('SeaBird' or 'SBX') has agreed with a bank consortium with BN bank as agent to postpone a major part of remaining installments due from now until the end of 2009 under a new repayment plan. The total postponed amount of USD 14.1 million will be repaid as a balloon together with the last installment due on the various loans as follows: USD 2.6 million in Q4 2011, USD 6.3 million in Q2 2012 and USD 5.2 million in Q3 2012. The outstanding balances on four different loans totaling USD 60.5 million have a 1st and 2nd priority mortgage with a cross collateral on the three 2D seismic vessels: Aquila Explorer, Osprey Explorer and the Harrier Explorer.
SeaBird highly appreciates the positive dialog and the outcome of the discussions with our bankers in this respect.
For further queries contact:
CEO SeaBird Exploration
Phone: + 971 504 539075
CFO SeaBird Exploration
Phone: + 47 920 51455
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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). SeaBird does not have a multi-client data library. Main success criteria for the company are an unrelenting focus on Health, Safety, Security, Environment and Quality (HSSEQ), 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.