SeaBird Exploration: All consents required for the restructuring obtained
(Thomson Reuters ONE) -
SeaBird Exploration Plc ("SeaBird" or the "Company", with the ticker "SBX on the
Oslo Stock Exchange) is pleased to announce that all consents required for the
comprehensive restructuring announced 26 May 2017 have now been obtained.
The Company has signed an agreement with Glander whereupon USD 1,911,896 of the
principal amount and all accrued interest as of 3 June 2017 owed to Glander
under the Glander Credit Facility shall be irrevocably repaid and discharged
upon the issuance of SeaBird shares to Glander at NOK 5.00 per share and that
the remaining claim of Glander under the Glander Credit Facility of USD 440,591
will be amended with the maturity date being extended until 30 June 2020, no
principal payments until 30 June 2020 and the introduction of payment-in-kind
interest for all interest payments to be made under the Glander Credit Facility
Furthermore, the Company has entered into an Exchange Agreement and a
confirmation with TGS that all SBX04 Bonds outstanding under Tranche A shall be
transferred to the Company and that any interest on such SBX04 Bonds shall be
irrevocably discharged in exchange for the transfer of title to the majority of
the Company's multi-client library assets to TGS, and confirmation that the
Company has cancelled all SBX04 Bonds under Tranche A. As part of the agreement
there will be a 60 days post-closing due diligence period where TGS will have
the opportunity to return to Seabird certain parts of the multi-client libraries
that they may elect not to take ownership of. In relation to this agreement
between the Company and TGS there has also been established an Income
Distribution Agreement between TGS and the Bond Trustee that will secure the
Tranche B bondholders and Glander 25% of the income from any utilization, sale
or other disposal of the multi-client libraries by TGS, less costs (defined as
10% of sales).
The Company has also entered into an addendum to the Munin Charter Contract
pursuant to which the charter period for the Munin Charter Contract will be
extended to 30 June 2020, the charter hire will be reduced to USD 2,088 per day
for the period from 3 June 2017 until 30 June 2020 and where the new charter
hire can, at the Company's discretion, be accumulated and not paid in cash
before 30 June 2020. In accordance with this addendum, the difference between
the new charter hire of USD 2,088 per day and the remaining and unpaid previous
charter hire shall be converted into SeaBird shares at NOK 5.0 per share in
accordance with the terms of the restructuring.
As a consequence of the above, all consents for the restructuring have now been
obtained, and the Company will proceed with the conversion into equity of the
SBX04 Tranche B, the Glander claim and the Munin claim as approved by the SBX04
bondholders in the bondholder meeting on 2 June 2017 and the SBX shareholders in
the EGM on 13 June 2017. The Company will effectuate the closing of the
restructuring and issue the new shares as soon as practically possible. The
record date for the changes to the SBX04 Bonds is expected to be on or around 3
August 2017.
The Company will as a consequence of the restructuring reduce its debt and lease
burden by approximately USD 37.5 million, have USD 5.7 million in outstanding
financial debt and have no significant debt maturities until 30 June 2020.
As stated in the Company's Q1 2017 financial report, the Company requires
additional funding for working capital purposes. The Company continues its
efforts to obtain new equity financing and is in active dialogue with potential
capital sources in such respect. Any equity transaction will require the
increase of authorized share capital and the Company will therefore call a new
EGM to be held on or about 16 August with the aim of obtaining the shareholders'
approval for such equity issue. Any issue of further equity capital is likely to
result in substantial dilution to existing shareholders. There can be no
guarantee that sufficient additional financing is available in a timely manner,
and the absence of additional financing would have the effect that the Company
will be unable to continue operations.
ABG Sundal Collier ASA and Arctic Securities AS act as financial advisors to the
Company. Advokatfirmaet Schjødt AS acts as Norwegian legal counsel to the
Company.
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, Security 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.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
For further queries contact:
Christophe Debouvry
CEO SeaBird Exploration
Phone: +47 22402705
Nils Haugestad
CFO SeaBird Exploration
Phone: +47 22402717
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SeaBird Exploration Plc via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 01.08.2017 - 08:18 Uhr
Sprache: Deutsch
News-ID 554740
Anzahl Zeichen: 6771
contact information:
Town:
Oslo
Kategorie:
Business News
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"SeaBird Exploration: All consents required for the restructuring obtained"
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