SeaMetric: share capital increase

The bondholders of SeaMetric International AS (“SeaMetric”) have in a bondholders’ meeting held today formally consented to a three month postponement, to 25 February 2010, of the interest payment which otherwise would have fallen due on 25 November 2009. As compensation, the bondholders have received 10% ownership in SeaMetric through the issuance of new shares.

The issuance of new shares is carried out by a private placement of shares towards the bondholders in SeaMetric’s 11.625% senior secured callable bond issue 2007/2012. SeaMetric’s share capital is increased by NOK 92,374.10 to NOK 923.741.40 by the issuance of 923,741 new shares, each with a face value of NOK 0.10 and with an issue price of NOK 1.00 per share. The total number of SeaMetric’s shares is thus increased to 9,237,414. The Board has utilized its authorization by SeaMetric’s general meeting on 18 June 2009 to issue the new shares.

SeaMetric has developed the Twin Marine Lifter (TML) System for installation and removal of very heavy objects in the offshore oil and gas industry such as platform topsides and jackets with weights of more than 30,000 tonnes. Such marine heavy lifting capacity is not available in world markets. SeaMetric’s long term goal is to own and operate the TML System in different locations world-wide.

SeaMetric progresses continuously towards establishing a new project for the construction of a complete TML System, consisting of two larger vessels plus lifting arms. SeaMetric is currently in the final stages of a bid process towards competent and experienced yards in Asia. There is strong interest for the construction project from well reputed yards.

Each bidding yard has been requested to present proposals for financing during the construction period and for a long term period after delivery, based on SeaMetric’s willingness to make a substantial upfront payment to the yard. Different debt financing scenarios are being evaluated. To be able to make such upfront payment, SeaMetric will have to issue further new equity. The equity issue is likely to take place in Q1 2010. The equity case will rest on the combination of the favourable commercial prospects for the TML System, a quality yard giving a credible delivery date, and debt financing commitments in place for the remaining part of the project costs.

For further information please contact:
Johan F. Andresen, CEO, +47 51 20 16 22 or johan.andresen@seametric.com
Georg Eliassen, CFO, +47 51 20 16 38 or georg.eliassen@seametric.com

< Back