SeaBird gets OK from 6% bondholders to extend charter for vessel

By Susanna Moon

Chicago, Sept. 2 – The holders of SeaBird Exploration plc’s NOK 89,851,041 of 6% senior secured bonds due 2015 approved a proposal at a meeting held Tuesday.

There were enough holders to form a quorum, and the measure obtained 100% of the votes, according to trustee Nordic Trustee ASA.

Hawk Navigation Co. Ltd., a subsidiary, is leasing a vessel from Hawk Explorer AS, as announced on Aug. 20.

Under the note terms, the company needs bondholder approval to extend the term of the bareboat charter for the vessel.

The notes were issued in 2011. They are guaranteed by the company’s subsidiaries Harrier Navigation Co. Ltd., Aquila Explorer Inc., Osprey Navigation Co. Inc. and Sana Navigation Co. Ltd.

There will be no compensation for consents.

In order for the measure to pass, bondholders representing a simple majority of the bonds represented at the meeting had to vote for it. In order to form a quorum, at least half of the voting bonds had to be represented at the meeting.

Prior to the meeting, bondholders representing more than half of the outstanding bonds agreed to vote for the proposed amendments.

ABG Sundal Collier Norge ASA and RS Platou Markets AS are the financial advisers.

SeaBird provides marine seismic data and associated products and services to the oil and gas industry. It maintains offices in the British Virgin Islands, Dubai and Oslo.

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