Go to content

 23rd August 2011.  Cyprus:  

Reference is made to the Q2 report issued on 18 August 2011 where SeaBird Exploration PLC ("SeaBird" or "SBX") did not meet covenants under the loan agreements with banks as of 30 June 2011.  Request for waivers have been filed and a positive dialogue has started. Furthermore, SeaBird is in breach of the covenants in the NOK 400m bond loan "FRN SeaBird Exploration Ltd Callable Bond Issue 2007/2012" and the NOK 81.75m bond loan "FRN SeaBird Exploration Ltd Open Bond Issue 2006/2009". SBX has initiated a dialogue with Norsk Tillitsmann, key bondholders and other stakeholders to address the covenant breach and the financial situation of the Company.

 

For further queries contact:
Tim Isden
CEO SeaBird Exploration
Phone: + 971 504 539075

 

Erik Hansen
CFO SeaBird Exploration
Phone: + 47 902 77268

 

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)