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SeaBird - Report 4th quarter 2011
· A Letter of Intent entered into between SeaBird and Fugro Norway on 3 October 2011 for the sale of the OBN business, completed on 8 December 2011. The transaction also includes two SeaBird vessels on time charter to Fugro; one for 3 years firm (Munin Explorer - source) and one for 1 year firm with 1 plus 1 year optional (Harrier Explorer - 2D), an OBN transition service agreement for a period of 6 months with an option for another 6 months, and a maritime management agreement for 2 years with a 2 year automatic extension for the Hugin Explorer.
· F inancial restructuring of SeaBird, approved by secured and unsecured creditors, consisting in a full repayment to secured creditors (Standard Chartered Bank and Sparebanken 1 SMN/Glitnir) and a partial redemption to unsecured creditors (SBX01, SBX02, PGS and Perestroika), followed by a consolidation of the remaining bond holdings in SBX01, SBX02 and PGS CLA into a new bond (SBX03).
· The PGS co-operation agreement for deep water node seismic was brought to an end upon completion of the restructuring and closing of the Fugro transaction.
· An Extraordinary General Meeting was held on 9 December 2011 whereby five Directors were honourably discharged and three new Directors were appointed. The Board now consists of five members. The EGM additionally resolved to authorise increase of the share capital up to USD 5 million representing 500,000,000 shares.
· Also on 9 December 2011 the Board of SeaBird announced that it had resolved to issue 139,363,892 new shares through a private placement. The new shares were subscribed for at a price of NOK 0.25 per share. Total gross proceeds from the Private Placement amounted to NOK 34.8 million (approximately USD 6 million). Following the registration of the new shares, the Company has 314,259,723 shares outstanding.
· Hugin Explorer and Munin Explorer commenced acquisition on the ONGC contract on 24 October 2011. The acquisition part was completed and the vessels demobilised 10 February 2012. The data processing and interpretation part of the project will be finalised over the next 12 months.
· Harrier Explorer was in dry-dock for class renewal during Q4 2011 and subsequently commenced a source contract in the North Sea in January 2012.
· Voyager Explorer was fully rigged up to four-streamer operation and commenced a 2D/3D (combination) contract beginning of November 2011 with expected completion in March 2012. Further backlog until end of June 2012 is secured.
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Attachment(s)
http://hugin.info/136336/R/1589856/499374.pdf
http://hugin.info/136336/R/1589856/499375.pdf
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