SeaBird makes further progress with fleet expansion plan

Norwegian seismic player SeaBird Exploration has made further progress towards the completion of the acquisition of the Boa Galatea and Boa Thalassa vessels.

Image source: EMGS

The company had initiated talks over the vessels acquisition in April, and the deal was subject to BOA SBL bondholders approval. SeaBird on April 29 said the sale had been approved by the majority of BOA’s bondholders.

In an update on Thursday, SeaBird further said that agreement has been reached with the bondholders with respect to all material terms for the acquisition of the Vessels.

“On the basis of said agreement, the bondholders have today irrevocably exercised their option to acquire the holding company for the Vessels, in order to cause it to sell the vessels to SeaBird pursuant to said agreed terms as soon as possible,” SeaBird said.

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

BOA Galatea and BOA Thalassa were built in Norway in 2008 and 2009, respectively, for an original construction cost of approximately NOK 650 million in total.

To finance the acquisition and the upgrade of the BOA Galatea, SeaBird Exploration is 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.

As part of the transaction, certain BOA SBL bondholders have elected to receive consideration in the form of new shares of the company valued at the offer price for an amount corresponding to approximately NOK 54 million, which will come in addition to the private placement.

SeaBird has said that the two vessels are suited for source and 2D operations in addition to EM seabed logging.

Offshore Energy Today Staff

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