19 August 2014, Limassol, Cyprus
SeaBird has today requested the Nordic Trustee to call for a bondholders' meeting to amend the loan agreement of SBX03 (ISIN 001 0633118) to permit an extended financial indebtedness to the company. The consent requirement is 50% of the bonds, and the company has received pre-acceptances concerning the proposal from bondholders representing a majority of the bonds in SBX03. Please expect announcement of summons to bondholders' meeting for the bond loan agreement ISIN NO 001 0633118, shortly.
This is with reference to SeaBird Exploration PLC ("SeaBird")'s announcement of 2 September 2013, where SeaBird announced that it will exercise its option under the charter agreement to purchase the M/V Hawk Explorer and related equipment for $6.5 million. Pursuant to said option exercise, the vessel and equipment will be delivered at the end of the lease term 31 August 2014 against settlement of the purchase price.
SeaBird has received an offer for an addendum to the charter party relating to M/V Hawk Explorer, pursuant to which SeaBird will pay the $6.5 million purchase price in instalments over the next 18 months, and will take over title of the vessel in Q1 2016, at which time the purchase price, interest and costs and expenses will have been paid.
SeaBird is a global provider of marine acquisition for 2D/3D and 4D 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/deep water 2D/3D and 4D 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.
For further queries contact:
CEO SeaBird Exploration
Phone: +47 90883737
CFO SeaBird Exploration
Phone: +971 4 427 1700