SeaBird announces update on vessel acquistion and contemplated private placement of new shares
Reference is made to announcements from SeaBird Exploration Plc ("SeaBird" or the "Company") of 11, 12 and 29 April 2019 regarding (i) the acquisition of the seismic vessels BOA Galatea and BOA Thalassa (the "Vessels"), and (ii) a private placement of new shares (collectively, the "Transactions").
The Company is pleased to announce that agreement has been reached with the bondholders with respect to all material terms for the acquisition of the Vessels. On the basis of said agreement, the bondholders have today irrevocably exercised their option to acquire the holding company for the Vessels, in order to cause it to sell the Vessels to SeaBird pursuant to said agreed terms as soon as possible.
On this basis, the private placement is expected to complete shortly. SeaBird will revert with further information with respect to the completion of the Transactions.
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 Quality, Health, Safety and Environment (QHSE), 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.