SeaBird Exploration Plc: General update
Tuesday 30 June 2020
Seabird Exploration Plc (“The Company”) has been awarded an OBN source contract in the North Sea with mobilization in July. It is a short duration contract where the Company will use the Eagle Explorer. The next planned work for the Eagle Explorer is a source job in South America announced on 20 April. The Company has been informed that mobilization for this survey will be delayed to Q4 due to COVID-19.
As part of the asset-light strategy and renewal process, the Company has decided to sell the Harrier Explorer for recycling. The sale is expected to be completed in early Q3 and will have a small positive cash effect.
Further to the notices dated 18 February and 15 June 2020, the Company has now completed the refinancing of the SBX04 bond loan with a bank mortgage facility.