SeaBird in final agreement for BOA vessel duo buy

Seismic players SeaBird Exploration has signed final agreements to buy the Boa Thalassa and Boa Galatea vessels.

BOA Galatea / Image source: EMGS
BOA Galatea / Image source: EMGS

The company, which first announced the intention to buy the vessels in April, on Friday said: “Final agreements to acquire the Vessels have now been entered into between SeaBird and BOA SBL AS.”

The vessel acquisition agreement finalization also meant that all conditions for completion of the previously proposed private placement of shares were satisfied.

As previously reported, SeaBird said that the transaction for the acquisition of the BOA Galatea and BOA Thalassa vessels would be worth around 185 million NOK ($21.7 million).

To finance the acquisition and the upgrade of the BOA Galatea, SeaBird Exploration said it was contemplating a private placement of new shares with the aim to raise gross proceeds of minimum NOK 225 million and a maximum of NOK 250 million. It also said it would issue

SeaBird said on Friday that following of the private placement shares it would also issue – after the acquisition of the vessels – a further 46,110,745 shares to the sellers of the Vessels, and the remaining part of the purchase price (NOK 129,667,106) will be paid in cash, financed through the private placement.

“Since the announcement of the transactions, the company has spent considerable time and efforts to ensure that all aspects of the transition of the Vessels to the Company including the continued operation of BOA Thalassa (on time charter to EMGS until March 2020 plus 2 x 6 months option) under a new ship manager will be as cost-efficient as possible,” SeaBird said.

The company said the purchase of the vessels would provide SeaBird with “two quality vessels at a very attractive price,  further strengthening the Company’s position and service offering in the 2D, source and niche 3D markets.”

Offshore Energy Today Staff

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