SeaBird Exploration has entered into a multi-U.S. dollar $16 million three-year secured credit facility with Sparebank 1.

The proceeds from the loan will be used to repay the SBX04 bond loan expiring in June, and to outfit the “Fulmar Explorer” for seismic operations. The outfitting project will commence in Q1/20 with an expected duration of three months.

The company has signed a two-year, plus 2×1 year options, “pay as you work” flexible charter agreement with Uksnøy for the 2007-built Geo Barents. The vessel will be equipped for source, 2D and niche 3D work with expected availability ultimo March. The company will begin marketing the vessel immediately for work commencing in April or later.

Furthermore, 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, the company 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. Furthermore, the initiatives will allow the company to operate with a more flexible cost base.

SeaBird is a global provider of marine acquisition for 2D/3D and 4D seismic data, and associated products and services to the oil and gas industry.