Seabird has agreed a $16 million loan with Sparebank 1 SMN to repay the SBX04 bond loan expiring in June, and to outfit the vessel Fulmar Explorer for seismic operations.
Seabird has agreed a $16 million loan with Sparebank 1 SMN to repay the SBX04 bond loan expiring in June, and to outfit the vessel Fulmar Explorer for seismic operations. The outfitting project will commence in Q1 and take three months.
The company has also signed a two-year plus 2x1 year options ‘pay as you work’ flexible charter agreement with Uksnøy & Co for the 2007-built Geo Barents. The vessel will be equipped for source, 2D and niche 3D work with expected availability and will be available for work starting in April.
Finally, 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 Harrier Explorer will be taken well before the next special survey.
‘Through these initiatives, Seabird will have an upgraded fleet of six owned and chartered vessels, enabling the company to offer its clients a modern and competitive fleet in its industry segments,’ said Seabird in a statement. ‘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.
‘Together with the previously announced restructuring and cost reduction programme, this will ensure a stronger, leaner and more competitive Seabird for the benefit of our clients and shareholders in the years to come,’ it added.
Meanwhile, Seabird has won an OBN source contract with an expected duration of about five months. The contract is expected to start in April 2020. SeaBird will employ the Voyager Explorer on this contract and the bareboat-charter for the vessel will therefore be extended.
Finally, Seabird has negotiated an extension to the charter period of the vessel Petrel Explorer until 31 May 2020.
The company said that it has received a bid from a prospective buyer of the vessel. ‘Given the positive market backdrop, the company’s preferred strategy for the vessel is to maintain exposure through the current charter party. However, pending further extensions, the company may seek a new owner for the vessel.’
