Brief: SeaBird Exploration To Upgrade Fleet, Enters Credit Facility

Sed Energy Holdings

18/02/2020 06:46

Feb 18 (Reuters) - SeaBird Exploration PLC  SBX.OL :
    * SAID ON MONDAY COMPANY ENTERED INTO A $16 MILLION THREE
YEAR
SECURED CREDIT FACILITY WITH SPAREBANK 1 SMN
    * PROCEEDS FROM THE LOAN WILL BE USED TO REPAY THE SBX04
BOND LOAN
EXPIRING IN JUNE, AND TO OUTFIT THE "FULMAR EXPLORER" FOR
SEISMIC OPERATIONS
    * OUTFITTING PROJECT WILL COMMENCE IN Q1 WITH AN EXPECTED
DURATION
OF 3 MONTHS
    * SIGNED A 2-YEAR, PLUS 2X1 YEAR OPTIONS, “PAY AS YOU WORK”
FLEXIBLE CHARTER AGREEMENT WITH UKSNØY & CO AS FOR THE
2007-BUILT «GEO BARENTS»
    * WILL BEGIN MARKETING THE VESSEL IMMEDIATELY FOR WORK
COMMENCING
IN APRIL OR LATER
    * DECIDED TO DECOMMISSION THE 1985-BUILT «OSPREY EXPLORER»
AND
RECYCLE THE IN-SEA SEISMIC EQUIPMENT TO THE "GEO BARENTS"
    * WILL HAVE AN UPGRADED FLEET OF 6 OWNED AND CHARTERED
VESSELS

    
 Source text for Eikon:  urn:newsml:reuters.com:*:nObipfl8Xa
    
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