SeaBird Exploration Plc: Announcement of new Chairman
12 March 2014, Limassol, Cyprus
The Chairman of the Board of Directors of SeaBird Exploration Plc (the
"Company"), Mr. Henrik Christensen, has advised the Board of Directors and the
Company's Nomination Committee that, due to other commitments, he does not wish
to be re-elected to the Board of Directors at the next annual general meeting of
The Nomination Committee has performed a search of suitable candidates, and has
resolved to propose that Mr. Ã…ge Korsvold is elected as new Chairman. The
proposal has been discussed with Mr. Christensen, the Board of Directors and
certain principal shareholders, who support such proposal. Ã…ge Korsvold is
currently a board member of i.a. Timex Group B.V., Sapa AS, Green Resources AS,
and Aweco Invest AS. Previous engagements include roles as CEO of Orkla,
Kistefos and Storebrand.
Given that the proposal for a new Chairman of the Board of Directors has already
been agreed, Mr. Christensen, the Board of Directors and the Nomination
Committee has agreed that there is no reason to postpone implementation of the
proposal until the annual general meeting, scheduled for 13 May 2014. On such
basis, the Board of Directors has today resolved to call for an extraordinary
general meeting where it is proposed to change the Board of Directors as
indicated above. A complete call for the extraordinary general meeting including
the date and the venue will be published as soon as practicable.
If the proposal is approved, the Board of Directors will consist of Ã…ge Korsvold
(Chairman), Kitty Hall, Kjell Mathiassen, Melvin Teigen and John Olav Ã˜kland.
The Nomination Committee proposes no change to the remuneration currently
payable to the chairman of the Board, however, so that in the event that the
work of the Chairman exceeds 10 full working days per year, the Chairman shall
be entitled to invoice the Company an additional amount for each such full
working day. The Nomination Committee will issue its formal recommendation in
The Board of Directors extends its gratitude to Mr. Christensen for his service,
dedication and leadership in his period as Chairman of the Board of Directors in
a demanding phase for the Company.
SeaBird is a global provider of marine acquisition for 2D/3D and 4D seismic
data, and associated products and services to the oil and gas industry. SeaBird
specializes in high quality operations within the high end of the source vessel
and 2D market, as well as in the shallow/deep water 2D/3D and 4D market. Main
focus for the company is proprietary seismic surveys (contract seismic). Main
success criteria for the company are an unrelenting focus on Health, Safety,
Security, Environment and Quality (HSSEQ), combined with efficient collection of
high quality seismic data. All statements in this press release other than
statements of historical fact are forward-looking statements and are subject to
a number of risks, uncertainties and assumptions that are difficult to predict,
and are based upon assumptions as to future events that may not prove accurate.
These factors include SeaBird`s reliance on a cyclical industry and the
utilization of the company's vessels. Actual results may differ substantially
from those expected or projected in the forward-looking statements.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
For further queries contact:
CEO SeaBird Exploration
Phone: +47 90883737
CFO SeaBird Exploration
Phone: +971 4 427 1700
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Source: SeaBird Exploration plc via GlobeNewswire