22 April 2013, Limassol, Cyprus:
SeaBird Exploration Plc has mandated ABG Sundal Collier Norge ASA, Fearnley Securities AS and Pareto Securities AS to explore opportunities for the company to issue a secured bond in the Norwegian bond market. The proceeds from any potential new bond issue would be used to refinance the existing USD 87.8 million SBX03 bond and for general corporate purposes. A new bond issue as described would be subject to redemption of SBX03. The company has received approval from a sufficient majority of the SBX03 investors to ensure early redemption of SBX03 at a price of par.
Separately, SeaBird is scheduled to release Q1 2013 results on 3 May. The company anticipates reporting revenues in the range of USD 45 - USD 50 million and EBITDA above USD 10 million, including operating and upgrading costs associated with the delivery of Geo Pacific.
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:
Dag Reynolds
CEO SeaBird Exploration
Phone: +47 90883737
Nils Haugestad
CFO SeaBird Exploration
Phone: +971 4 427 1700
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: SeaBird Exploration plc via Thomson Reuters ONE
