19 February 2015, Limassol, Cyprus
Reference is made to the press release dated 29 January 2015 regarding the restructuring (the "Restructuring") of SeaBird Exploration PLC (the "Company"). Reference is also made to press release dated 3 February 2015, regarding the calling of an Extraordinary General Meeting ("EGM1") for the creation of a new Class A of shares, conversion of debt into equity and exclusion of pre-emption rights in relation to new shares, all in order to carry out the Restructuring as proposed.
EGM1 is now completed. All proposals on the agenda were adopted with requisite majority. Implementation of the Restructuring remains subject to final documentation required to implement the Restructuring. There are no guarantees that all conditions for the Restructuring will be fulfilled in a timely manner.
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 announcement is made with reference to the Norwegian Trading Act section 5-12.
For further queries contact:
CEO SeaBird Exploration
Phone: +47 90883737
CFO SeaBird Exploration
Phone: +971 4 427 1700