SeaBird - Financial update
(Thomson Reuters ONE) -
23rd August 2011. Cyprus:
Reference is made to the Q2 report issued on 18 August 2011 where SeaBird
Exploration PLC ("SeaBird" or "SBX") did not meet covenants under the loan
agreements with banks as of 30 June 2011. Request for waivers have been filed
and a positive dialogue has started. Furthermore, SeaBird is in breach of the
covenants in the NOK 400m bond loan "FRN SeaBird Exploration Ltd Callable Bond
Issue 2007/2012" and the NOK 81.75m bond loan "FRN SeaBird Exploration Ltd Open
Bond Issue 2006/2009". SBX has initiated a dialogue with Norsk Tillitsmann, key
bondholders and other stakeholders to address the covenant breach and the
financial situation of the Company.
For further queries contact:
Tim Isden
CEO SeaBird Exploration
Phone: + 971 504 539075
Erik Hansen
CFO SeaBird Exploration
Phone: + 47 902 77268
SeaBird Exploration PLC is a global provider of marine solutions for seabed
acquisition of 3D/4C/4D multimode seismic data with OBN operations, marine 2D
and 3D 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 water 2D/3D 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 acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. 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 Ltd. via Thomson Reuters ONE
[HUG#1540328]
Unternehmensinformation / Kurzprofil:
Datum: 23.08.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 58080
Anzahl Zeichen: 3018
contact information:
Town:
Oslo
Kategorie:
Business News
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"SeaBird - Financial update"
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