Press Release: SAExploration Announces $42 Million of New Projects in Offshore West Africa, and Reduction in Debt of $14.5 Million
SAExploration Announces $42 Million of New Projects in Offshore West Africa, and Reduction in Debt of $14.5 Million
HOUSTON, Jan. 23, 2020 (GLOBE NEWSWIRE) -- SAExploration Holdings, Inc. (NASDAQ: SAEX, OTCQB: SXPLW) today announced two new projects in offshore West Africa. The projects are valued at approximately $42 million in the aggregate and are scheduled to occur primarily during the 2(nd) quarter of 2020 and last approximately 71 days. Services to be provided will include 3D/4D data acquisition utilizing autonomous ROV-deployed nodal recording technology in water depths up to 1,700 meters.
In addition, as previously disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission on January 13, 2020, SAE recently sold certain Alaska North Slope seismic library datasets to a third party and has used $14.5 million of the net proceeds of the sale to reduce indebtedness under its credit facility.
Michael Faust, Chairman, President and CEO of SAE, commented, "We are very pleased to be awarded these projects, which is further evidence of our customers' confidence in our ability to deliver high quality datasets in a safe and environmentally friendly manner. A high priority for us is to improve our balance sheet. The sale of non-core assets to reduce debt has been an important tool to deliver on that priority."
About SAExploration Holdings, Inc.
SAE is an international oilfield services company offering a full range of vertically-integrated seismic data acquisition, data processing and interpretation, and logistical support services throughout North America, South America, Asia Pacific, Africa and the Middle East. In addition to the acquisition of 2D, 3D, time-lapse 4D and multi-component seismic data on land, in transition zones and offshore in depths reaching 3,000 meters, SAE offers a full suite of data processing and interpretation services utilizing its proprietary, patent-protected software, and also provides in-house logistical support services, such as program design, planning and permitting, camp services and infrastructure, surveying, drilling, environmental assessment and reclamation, and community relations. SAE operates crews around the world, performing major projects for its blue-chip customer base, which includes major integrated oil companies, national oil companies and large independent oil and gas exploration companies. With its global headquarters in Houston, Texas, SAE supports its operations through a multi-national presence in the United States, United Kingdom, Canada, Peru, Colombia, Bolivia, Malaysia, and Singapore. For more information, please visit SAE's website at www.saexploration.com.
The information in SAE's website is not, and shall not be deemed to be, a part of this press release or incorporated in filings SAE makes with the Securities and Exchange Commission.
Forward Looking Statements
Except for statements of historical fact, the matters discussed herein are "forward-looking statements" within the meaning of the applicable U.S. federal securities laws. The words "may," "possible," "estimates", "expects," "believes" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements, including statements regarding the possible impact of the matters summarized in this press release, may or may not be realized, and differences between estimated results and those actually realized may be material.
Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, risks relating to known and unknown uncertainties, including:
-- the outcome of the previously disclosed Securities and Exchange
Commission ("SEC") investigation, which could include sanctions against
SAE and its officers and directors, civil lawsuits and criminal
penalties;
-- the impact of the restatement and conclusion of SAE regarding the
effectiveness of its internal controls and disclosure controls and
procedures, among other things;
-- the outcome of SAE's internal investigation into the matters summarized
in SAE's previous filings with the SEC;
-- additional risks may arise in the process of completing the restatement
and related disclosures to be revised;
-- the possible impact on payments received from the State of Alaska
regarding tax credits;
-- risks related to a possible delisting from the Nasdaq Capital Market;
-- the availability of liquidity and capital resources, including SAE's need
to obtain additional working capital for upfront expenditures for
upcoming projects, and the potential impact this has on SAE's business
and competitiveness;
-- risks related to SAE's debt agreements and related previously disclosed
events of default, including the risks that the holders of the debt do
not provide waivers of the events of default and seek to accelerate the
maturity date of the applicable debt and exercise other remedies, such as
foreclosure, among other things;
-- risks arising from the holders of SAE's debt taking other actions against
SAE, including by seeking a bankruptcy filing;
-- the potential need for SAE itself to seek bankruptcy protection;
-- costs and outcomes of pending and future litigation;
-- the impact that the disclosure in this press release, as well as possible
future filings and disclosures may have on SAE's business, including
customers, employees and others;
-- the time and expense required to respond to the SEC and for SAE to
complete the restatement and its internal investigation, which expenses
are likely to be material and are likely to have a material adverse
impact on SAE's cash balance, cash flow and liquidity;
-- delays, reductions or cancellations of project awards and SAE's ability
to realize revenue projected in its backlog; and
-- other risks described more fully in SAE's filings with the SEC that
relate to matters not covered in this press release.
Each of these risks, and the known and unknown consequences of these risks, could have a material negative impact on SAE, its business and prospects. As of the date of this press release, SAE cannot make any assurances regarding the impact or outcome of these risks. Forward-looking statements reflect the views of SAE as of the date hereof. SAE does not undertake to revise these statements to reflect subsequent developments, other than in compliance with U.S. federal securities laws and SAE's determination that any such revised disclosure is necessary or advisable to do.
Contact
SAExploration Holdings, Inc.
Michael Faust
Chief Executive Officer and President
(281) 258-4400
mfaust@saexploration.com
(END) Dow Jones Newswires
January 23, 2020 16:23 ET (21:23 GMT)
*DJ SAExploration Gets $42M of New Projects in Offshore West Africa
(MORE TO FOLLOW) Dow Jones Newswires (212-416-2800)
January 23, 2020 16:26 ET (21:26 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
新聞稿:南非勘探公司宣佈在西非近海開發4 200萬美元的新項目,並減少1 450萬美元的債務
南非勘探公司宣佈在西非近海實施4 200萬美元的新項目,並減少1 450萬美元的債務
休斯頓,2020年1月23日(環球新聞社)(納斯達克市場代碼:SAEX,OTCQB:SXPLW)這些項目的總價值約為4 200萬美元,計劃主要在2020年第二季度進行,持續時間約為71天。將提供的服務將包括利用自主ROV部署的深度達1700米的節點記錄技術進行3D/4D數據採集。
此外,正如此前在美國證券交易委員會(SEC)於2020年1月13日提交的有關8-K表格的最新報告中披露的那樣,SAE最近向第三方出售了阿拉斯加北坡地震圖書館的某些數據集,並將出售所得的淨收益中的1,450萬美元用於減少其信貸安排下的負債。
SAE董事長、總裁兼首席執行官邁克爾·福斯特(Michael Faust)評論説:“我們非常高興獲得這些項目,這進一步證明了我們的客户對我們有能力以安全和環保的方式提供高質量數據集的信心。我們的一個高度優先事項是改善我們的資產負債表。出售非核心資產以減少債務一直是實現這一優先目標的一個重要工具。”
SA探源控股公司簡介
SAE是一家國際油田服務公司,在北美、南美、亞太地區、非洲和中東地區提供全方位的垂直集成地震數據採集、數據處理和解釋以及後勤支持服務。除了在陸地、過渡地帶和深度達3000米的近海獲取2D、3D、時移4d和多分量地震數據外,SAE還利用其專利保護軟件提供全套數據處理和解釋服務,並提供內部後勤支助服務,如方案設計、規劃和許可、營地服務和基礎設施、測量、鑽井、環境評估和填海以及社區關係。SAE在世界各地運營團隊,為其藍籌客户羣執行重大項目,其中包括大型綜合石油公司、國家石油公司和大型獨立油氣勘探公司。SAE的全球總部設在德克薩斯州休斯頓,通過在美國、英國、加拿大、祕魯、哥倫比亞、玻利維亞、馬來西亞和新加坡的多國存在來支持其業務。欲瞭解更多信息,請訪問SAE的網站:www.saExplationation.com。
SAE網站上的信息不是,也不應視為本新聞稿的一部分,也不應被視為SAE向證券交易委員會提交的文件的一部分。
前瞻性陳述
除歷史事實陳述外,本文討論的事項都是適用的美國聯邦證券法所指的“前瞻性陳述”。“可能”、“可能”、“估計”、“預期”、“相信”和類似的表達方式旨在識別前瞻性陳述,儘管並非所有前瞻性陳述都包含這些識別詞。前瞻性聲明,包括關於本新聞稿概述的事項可能產生的影響的聲明,可能會實現,也可能不會實現,估計結果與實際實現的結果之間的差異可能是實質性的。
可能導致實際結果與前瞻性陳述中的結果大不相同的因素包括但不限於與已知和未知不確定性有關的風險,包括:
-先前披露的證券及交易所的結果
委員會(“SEC”)調查,其中可能包括對
SAE及其官員和董事,民事訴訟和刑事
處罰;
-重述和結束SAE對
內部控制和披露控制的效力
除其他外,程序;
-SAE對概述事項的內部調查結果
在SAE之前提交給SEC的文件中;
-在完成重述的過程中可能出現更多的風險
以及有待修訂的相關披露;
-對從阿拉斯加州收到的付款可能產生的影響
關於税收抵免;
-與可能從納斯達克資本市場除名有關的風險;
-流動性和資本資源的可得性,包括SAE的需要
獲得額外週轉金,用於
即將到來的項目,以及這對SAE業務的潛在影響
和競爭力;
-與SAE債務協議有關的風險和先前披露的相關風險
違約事件,包括債務持有人所承擔的風險
不提供對違約事件的放棄,並尋求加速
適用債務的到期日和行使其他補救辦法,如
喪失抵押品贖回權等;
-SAE債務持有人採取其他行動對其造成的風險
SAE,包括通過申請破產申請;
-SAE本身可能需要尋求破產保護;
-待決和未來訴訟的費用和結果;
-本新聞稿中披露的影響,以及可能的影響
未來的申報和披露可能會影響SAE的業務,包括
客户、員工等;
-向證券交易委員會作出迴應所需的時間及開支
完成重述及其內部調查,哪些費用
很有可能是實質性的,而且有可能會產生不利的影響。
對SAE的現金餘額、現金流量和流動性的影響;
-拖延、削減或取消項目獎勵和SAE的能力
(B)在積壓中實現預計的收入;以及
-SAE在提交給SEC的文件中更詳細地描述了其他風險
與本新聞稿未涉及的事項有關。
每一種風險,以及這些風險的已知和未知後果,都可能對SAE、其業務和前景產生重大的負面影響。截至本新聞稿發佈之日,SAE無法就這些風險的影響或結果作出任何保證。前瞻性聲明反映了SAE在此日期的觀點.SAE不承諾修改這些報表以反映隨後的發展,除非符合美國聯邦證券法和SAE確定任何此類修改後的披露都是必要的或可取的。
接觸
SA探源控股公司
邁克爾·福斯特
首席執行官兼總裁
(281) 258-4400
mfaust@sa探索性網站
(完)道瓊斯通訊社
2020年1月23日16:23(格林尼治時間21:23)
*DJ公司在西非近海獲得4200萬美元的新項目
道瓊斯通訊社(212-416-2800)
2020年1月23日16:26(格林尼治時間21:26)
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