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Seabird Awarded OBN Source Contract in the North Sea

Source: www.gulfoilandgas.com 6/29/2020, Location: Europe

Seabird Exploration Plc 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.

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