Oslo-listed Green Energy Group is separating its minerals and seismic businesses and changing its name back to SeaBird Exploration.
SeaBird rebranded and reorganised into Green Energy Group last May, forming Green Minerals and Seabird Exploration as two subsidiaries of the group and releasing SeaBird from the holding company status.
The company was planning to sell its seismic operations, but the deal was put on hold in June for undisclosed reasons. A rapid improvement in the seismic market earned the company a 9-month contract in July, which was then followed by a boost from its now largest shareholder, MH Capital, chaired by the former 2020 Bulkers chief executive Magnus Halvorsen.
MH Capital floated the idea of splitting the two units in August to increase the value of the seismic business, which currently has a backlog of a combined 23 months of work with a projected EBITDA contribution of approximately $18m.
The move will see SeaBird continue as a pure-play seismic company while the minerals business is spun off to shareholders.
“We firmly believe that a pure seismic business through SeaBird Exploration improves our position when it comes to further consolidating our industry. We are pleased to see rates for OBN work up more than 50% already, meeting our expectations for what a busy second half could bring. The company is, in our opinion, now particularly well positioned to take advantage of current trends in the energy market,” noted executive chairman Ståle Rodahl.
SeaBird has the 2009-built Fulmar Explorer on a 14-month OBN source contract, while the Eagle Explorer is mobilised on a 9-month 2D contract. End-August the 2008-built Petrel Explorer was sold out of the sector.
