The bond loan will have 5 years maturity, with floating interest (3 month NIBOR + 4.5%). The borrowing limit will be NOK 500 million, while the first tranche will be NOK 400 million. Payment from subscribers will be due 14 February 2007.
The Company views the new bond loan as a flexible financing for the substantial growth and investment program planned for the first half of 2007. The net proceeds from the offering will mainly be used to fund the conversion of Raven Explorer and Harrier Explorer, seismic equipment to Newfoundland Otter (TBN Munin Explorer) and further development of our SeaBed operations, including investments in 500 deep water nodes and conversion of Siem Mariner (TBN Hugin Explorer).
SeaBird is a global provider of marine 2D and 3D seismic data, solutions for seabed acquisition of 4C/4D multimode seismic, 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). SeaBird does not have a multi-client data library.
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