SeaBird Exploration name retires as merger with Singapore’s Energy Drilling wraps up

Cyprus-headquartered marine seismic acquisition services provider SeaBird Exploration has changed its name to SED Energy Holdings, as well as its Oslo Stock Exchange ticker code, following the merger with Singapore’s tender-assisted drilling provider Energy Drilling.

The new company name has been registered with the Cypriot Department of Registrar of Companies and Intellectual Property and will, together with the new ticker code “ENH”, be effective on Euronext Oslo Børs from and including June 20.

Final approval of the listing prospectus for the ordinary shares issued related to the transaction is expected in the third quarter of the year, after which the new ordinary shares will be listed and tradeable under the same ISIN as existing shares.

Finn Atle Hamre will continue as CEO of the SeaBird business unit.

“The name Energy Holdings marks our transition to a diversified energy investment company,” said CEO of SED Energy Holdings Kurt M. Waldeland. “It reflects the breadth of our portfolio and our focus on long-term value creation through strong cash flow generation, shareholder distributions and disciplined, value-accretive growth.”

To remind, SeaBird Exploration reported in February that it had signed a letter of intent (LoI) with Energy Drilling to merge into a combined company.

It was then stated that the combined company would be a diversified offshore oil & gas services provider with strong cash flows and significant capacity for near-term shareholder distributions, as well as that it would be able to pursue growth opportunities within existing segments and in the broader offshore oil services industry, considering only those that are accretive to shareholders while maintaining low financial risk and cash flow visibility.