Reference is made to the stock exchange announcement on 28 March 2025 regarding the combination of SeaBird Exploration and Energy Drilling in a share-for-share acquisition. The transaction has now been successfully completed. As resolved by the extraordinary general meeting of SeaBird Exploration on 25 April 2025, the company will change its name to SED Energy Holdings, pending formal registration.
Alf C. Thorkildsen, incoming Chair of the Board of Energy Holdings, commented:
'This transaction marks a major milestone in the strategic development of both companies. Energy Holdings brings together two strong organizations with highly capable and proven teams. With a strengthened platform, we are well positioned to create long-term shareholder value.'
Energy Holdings will be a strong industrial partner with a diversified portfolio of resilient, cash-generative assets. The company will benefit from increased scale following the merger, with enhanced earnings capacity, improved financing terms and strong free cash flow generation.
'The combined company enters this next phase with a robust revenue backlog and a conservative capital structure, providing a solid foundation for attractive capital returns. Our primary focus will be on distributing available liquidity to shareholders, while also pursuing disciplined, value-accretive growth,' Thorkildsen added.
Energy Holdings will publish its pro-forma consolidated financial results for the first quarter of 2025 on Wednesday, May 28, 2025, at 06:00 CEST, followed by a live audio webcast the same day at 10:00 CEST. The presentation will be hosted by Kurt M. Waldeland, incoming CEO of Energy Holdings, Viggo Pedersen, CFO of Energy Drilling, and Sveinung Alvestad, CFO of SeaBird Exploration.
Organization
Kurt M. Waldeland has accepted the role of Chief Executive Officer of Energy Holdings. He will oversee the Group's strategic and corporate functions, including capital allocation, M&A, and growth initiatives. He will also be responsible for managing investor relations activities and engagement with other key stakeholders. Mr. Waldeland will be based at Energy Holdings' headquarters in Cyprus.
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Source: Energy Drilling
