Green Energy Group (SeaBird Exploration Plc) announces changes in management and preliminary second quarter 2022 results

SeaBird Exploration Plc

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                                  3,659
Cost 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.