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    SeaBird provides financial update re breach of covenants

    Company News // August 23, 2011

    Refering to a second quarter report issued on 18 August 2011 where SeaBird Exploration PLC (SeaBird) did not meet covenants under the loan agreements with banks as of 30 June 2011, the company has announced that requests for waivers have been filed and a positive dialogue has started.

    Furthermore, SeaBird is in breach of the covenants in the NKr 400m bond loan "FRN SeaBird Exploration Ltd Callable Bond Issue 2007/2012" and the NOK 81.75m bond loan "FRN SeaBird Exploration Ltd Open Bond Issue 2006/2009".

    SBX has initiated a dialogue with Norsk Tillitsmann, key bondholders and other stakeholders to address the covenant breach and the financial situation of the company.


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