SeaBird acquires new vesselGeowave Voyager © CGG Eidesvik

SeaBird acquires new vessel

SeaBird Exploration cashes out USD 17 million for CGG's Geovawe Voyager.

SeaBird Exploration is pleased to announce that the Company is in an exclusive process to acquire the seismic vessel Geowave Voyager  and certain seismic equipment from Exploration Vessel Resources II AS, a wholly owned subsidiary of CGG, for a cash consideration of USD 17 million.

SeaBird is currently in an exclusive process with CGG to acquire the seismic vessel Geowave Voyager, fully rigged with source and recording equipment, including 40 km of Sercel Sentinel Solid streamer. The Vessel was built in 2009 for an original construction cost of approx. USD 120 million, excluding in-sea recording and source equipment, and has capacity to tow up to 10 streamers. The Vessel is well suited for 2D, source and niche 3D projects, and can be modified for use as a node laying vessel in the ocean bottom seismic market. It has remained warm throughout the downturn and will be utilized as a source vessel for CGG during Q3 2018.

The Company intends to carry out a private placement of new shares in the Company raising gross proceeds of minimum NOK 80 million and maximum of NOK 120 million. The subscription price in the Private Placement will be determined through an accelerated book-building process. The net proceeds from the Private Placement will be used to finance the Transaction and for general corporate purposes.

Hans Petter Klohs, Chief Executive Officer in SeaBird, said: «After a series of strong contract wins, we have secured high utilization for most our existing fleet well into the fourth quarter. We have been pro-actively seeking to grow the fleet in tandem with an improving underlying market, and this transaction will provide us with a very suitable quality vessel we know well from previous engagements at a very attractive price further strengthening our position and service offering in the 2D, source and niche 3D markets.»