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Cyprus, 17 March 2011

SeaBird Exploration PLC ("SeaBird" or "SBX") received a response on 15 March 2011 from BN Bank concerning the approval by BN Bank as agent for a bank consortium ("Banks"), of a two years extension of the maturity of the SeaBird's USD 42.2 million loan. SeaBird asked for a trading halt on 16 March 2011 to clarify the content of the response from BN Bank. The clarification was received. 

On such basis, SBX is pleased to announce the approval on 15 March 2011 by BN Bank as agent for a two years extension of the maturity of the USD 42.2 million loan.  The loan is now repayable on 14 September 2014 with a remaining balance of USD 11.7 million.

Through this acceptance all conditions precedent have been met as regards the restructuring of the NOK 400 million Bond FRN SeaBird Exploration Ltd Callable Bond Issue 2007/2012 (ISIN 001 035391.5) in accordance with resolutions made in a bondholders meeting 8 February 2011. The maturity of this Bond is now effectively extended to 14 February 2014. 

Furthermore the Banks have accepted a waiver of SeaBird's breach of the Equity Ratio as of 31 December 2010, and have also agreed to waive a potential breach of the Net Interest Bearing Debt/EBITDA ratio for Q1 2011.

The agreement with the Banks was granted on the condition of an increased margin of 3.5% effective 15th March 2011 from today's margin of 4%.

For further queries contact: 

Tim Isden
CEO SeaBird Exploration
Phone: +971 504 539075 

 

Kai Solberg-Hansen
CFO SeaBird Exploration
Phone: +47 920 51 455 

 

SeaBird Exploration PLC is a global provider of marine solutions for seabed acquisition of 3D/4C/4D multimode seismic data with OBN operations, marine 2D and 3D seismic data, 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 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.

 

This information is subject of the disclosure requirements acc. to ยง5-12 vphl (Norwegian Securities Trading Act)