SeaBird Exploration Plc (SeaBird), a leading provider of marine seismic acquisition services, today announces that it has signed a letter of intent (LOI) to combine with premier tender assisted drilling provider, Energy Drilling Pte Ltd (“Energy Drilling”) in a share-for-share acquisition (the “Transaction”). The combined company will be a diversied oshore oil and gas services provider with strong cash ows and signicant capacity for nearterm shareholder distributions.
The Transaction will be carried out by issuing approximately 651 million new SeaBird shares to Energy Drilling shareholders. The listed company will in conjunction with the transaction change its name, while the seismic and drilling businesses will continue to operate as Seabird Exploration and Energy Drilling.
ESTABLISHING AN OFFSHORE LEADER WITH ATTRACTIVE CASH FLOWS AND SHAREHOLDER RETURNS
Headquartered in Singapore, Energy Drilling controls approximately 38% of the world’s actively marketed tender rigs, strategically positioned to address Southeast Asia’s growing demand for natural gas to fuel its growth. With approximately 80% of available days contracted for 2025 and 2026 and limited capex commitments going forward, Energy Drilling oers signicant cash ow visibility, supported by a rm revenue backlog of USD 490 million.
Based on the latest SeaBird closing share price, currency ratio, net debt and backlog, the combined company will have a pro-forma market capitalization of USD 381 million, net debt of approximately USD 44 million and an estimated asset EBITDA backlog of more than USD 320 million, supporting strong cash ow visibility for the next two years.
“Merging with an operationally and nancially robust market leader provides our shareholders with increased scale and reduced operational risk. Energy Drilling shares our focus on niche market leadership with strong protability and a capital allocation strategy that prioritizes distribution of all excess cash to shareholders. Based on already solid backlog visibility, our ambition is to create a leading dividend platform within oshore oil and gas services,” said Ståle Rodahl, Executive Chairman of Seabird Exploration.
About Seabird Exploration
Seabird Exploration Plc and its subsidiaries (“SBX” or “the Company”) is a global provider of marine 2D seismic acquisition and source vessel services to the Oil & Gas industry. SBX strive to maximize shareholder value through relentless focus on Quality, Health, Safety and Environment (QHSE), innovation and technical excellence in the efficient collection of high-quality seismic data and dedication to delivering the highest possible client satisfaction. The fleet consist of two vessels that are upgraded and outfitted with state-of-the-art equipment, in addition the Company has available equipment to outfit additional third party vessels. The Company is registered in Cyprus, with branch office in Bergen (Norway). The SBX share is listed on the Oslo Børs (ticker: SBX).