Oslo-listed seismic player SeaBird Exploration is rebranding and reorganising into Green Energy Group as part of the next phase in the group’s development following the comprehensive restructuring that began 18 months ago when new leadership took the reins.
Following the reorganisation, the new Green Energy Group holding company will have two subsidiaries, Green Minerals and Seabird Exploration, and will relocate its head office from Cyprus to Norway.
“With non-seismic activities constituting an estimated 75% of the groups market value by the end of Q1 2021, the SeaBird name no longer reflects the true dynamics of the group’s total activities and value creation,” the company said on Tuesday.
The reorganisation releases SeaBird from the holding company status and empowers the company to take a more active role to consolidate its market segments.
As part of the rebranding and restructuring, Green Energy Group is setting up a new business development unit. The mandate of the unit is to bring new initiatives within the group’s mission of building sustainable businesses.
Sveinung Alvestad has agreed to take up a position as director M&A with the company, a key position in the new business development unit. Alvestad has worked in investment banking for about 10 years, with a special focus on research on renewables and energy markets and companies.