New Loan and Fleet Revamp for SeaBird

Seismic player SeaBird Exploration has secured a three-year credit facility with SpareBank 1.

The company said it will use the proceeds from the loan to repay the bond loan expiring in June, and to outfit the vessel Fulmar Explorer for seismic operations.

The outfitting project should start in Q1 with an expected duration of 3 months.

In addition, SeaBird has signed a 2-year, plus 2×1 year options, “pay as you work” flexible charter agreement with Uksnøy for the 2007-built vessel Geo Barents. The vessel will be equipped for source, 2D and niche 3D work with expected availability ultimo March.

Furthermore, the company has decided to decommission the 1985-built Osprey Explorer and recycle the in-sea seismic equipment to the Geo Barents. A final decision on the vessel Harrier Explorer will be taken well before the next special survey.

“Through these initiatives, the company will have an upgraded fleet of 6 owned and chartered vessels, enabling the company to offer its clients a modern and competitive fleet in its industry segments. Furthermore, the initiatives will allow the company to operate with a more flexible cost base, where the modern owned vessels offer a competitiveness that allows for a significant base utilization while the chartered vessels provide flexibility as activity levels fluctuate,” SeaBird explained in a press release.