BOA bondholders approve sale of two seismic vessels to SeaBird

Norwegian seismic acquisition company SeaBird Exploration has made progress in its efforts to acquire two seismic vessels owned by BOA Offshore following the approval of the sale by the majority of BOA’s bondholders. 

To remind, SeaBird at the beginning of April said it was evaluating several opportunities for vessel capacity expansion, including an option to add the BOA Galatea and BOA Thalassa vessels – currently owned by BOA SBL AS, a subsidiary of BOA Offshore – to the operational fleet.

Later in April, SeaBird entered the exclusive process to buy the BOA Galatea and BOA Thalassa vessels in a transaction worth NOK 185 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 was contemplating a private placement of new shares in the company raising gross proceeds of minimum NOK 225 million and a maximum of NOK 250 million.

The process was based on irrevocable acceptances from a majority of BOA SBL bondholders.

On Monday, April 29 SeaBird said that the requisite majority of BOA SBL bondholders had approved the sale of the BOA Vessels to SeaBird, and that in total 46,110,745 SeaBird shares (corresponding to NOK 55.3 million) would be issued as consideration to the BOA SBL bondholders. The transaction remains subject to other conditions.

Offshore Energy Today Staff

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