Cyprus, 19 December 2011
Reference is made to the summons to bondholders' meeting dated 25 November 2011 for the proposed amendments to the loan agreements of SBX01 RET (ISIN 001 032604.4) and SBX02 RET (ISIN 001 035391.5). The Restructuring, as proposed and approved by the Bondholders, will be finalized today. Please find attached a notice from Norsk Tillitsmann ASA outlining the partial repayment and conversion of remaining bonds into a new bond loan.
For further queries, please contact:
CEO SeaBird Exploration
Phone: +971 504 539075
SeaBird Exploration PLC "SeaBird" is a global provider of 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 pursuant to section 5-12 of the Norwegian Securities Trading Act.