Green Energy Group (SeaBird Exploration Plc) announces changes in management and preliminary second quarter 2022 results
July 28 2022 - 10:32AM
Green Energy Group (SeaBird Exploration Plc) announces changes in
management and preliminary second quarter 2022 results
Green Energy Group (SBX plc) (“the Company”) is
pleased to announce that Finn Atle Hamre has been appointed CEO. Mr
Hamre comes from the position as COO, which he has held since he
joined the Company in June 2018, and interim CEO since December
2021. Mr Hamre has more than 20 years’ experience in the Offshore
Oil and Gas industry internationally both within the Seismic and
Subsea sectors, of which more than 15 years in senior executive
management positions such as Managing Director for GC Rieber
Shipping Asia and Chief Commercial Officer for GC Rieber Shipping
ASA. Mr. Hamre holds a B.Eng. (Hons) in Naval Architecture, and a
Master of Business Administration. He is a Norwegian citizen and
resides in Norway.
Further, the Company is pleased to announce Mr
Sveinung Alvestad as interim CFO. Mr Alvestad comes from the
position as Director M&A. He has worked in investment banking
for about 10 years, with a special focus on research on renewables
and energy markets and companies. He holds a MSc in Industrial
Economics and Technology Management from the Norwegian University
of Science and Technology (NTNU) in Trondheim. His engineering
specialization is within electrical energy while the economics
specialization is in investment, finance and financial management.
Mr Alvestad replaces Mr Erik von Krogh, who resigns from the
position he has held since May 2020. Mr von Krogh will be available
to the Company until 30 November 2022. The Company wishes to thank
Mr von Krogh for his considerable contribution to the Company over
the last two years.
At the same time, the Company announces its
preliminary Q2 2022 results as follows:
All figures in
USDk Q1
2022 Q2
2022
Estimate Revenues 5,002
3,659Cost of
sales
(6,325) (3,653)SG&A
(1,513) (976) Other
income
3,014 EBITDA
179 (970)
Utilization
28%
33%
Net interest-bearing debt
19,757 20,095
Following the awards of the contracts announced
on June 7 and July 25 2022, the Company has renegotiated certain
terms under its existing bank facilities. The agreed amendments
include that all debt installments payable prior to September 2022,
with an aggregated amount of USD 4,263,000 is postponed until final
maturity of the facility in June 2023. In addition, a revolving
credit facility of USD 3,000,000 has been extended until June 2023.
The book equity ratio covenant is waived until the final maturity
date. As previously announced, the projected EBITDA contribution
from these contracts is USD 18m and the net debt by the end of Q2
2022 is USD 20m.
This information is considered to be inside
information pursuant to the EU Market Abuse Regulation. This stock
exchange announcement was published by Erik von Krogh, CFO of Green
Energy Group (SeaBird Exploration PLC), on 28 July 2022 16.30
CET.
For additional information, please contact: Finn
Atle Hamre, CFO, +47 928 35 991.
Seabird Exploration (LSE:0MO8)
Historical Stock Chart
From Jul 2024 to Aug 2024
Seabird Exploration (LSE:0MO8)
Historical Stock Chart
From Aug 2023 to Aug 2024