SAExploration announces recapitalization transaction


HOUSTON, January 31, 2022 /PRNewswire/ — SAExploration Holdings, Inc. (“SAE” or the “Company”) announced that she had completed a $26 million recapitalization transaction whereby new capital was provided to the Company, and the Company’s second term lenders exchanged debt for common shares of the Company. In addition, the Company’s loan documents have been amended to allow up to $30 million additional secured debt to be used for working capital and general corporate purposes on terms approved by the lenders and the Company’s Board of Directors. As a result of the transaction, the Company’s outstanding debt under its current capital structure has been reduced to approximately $20.3 million, with no cash interest due until the due date in December 2023.

CEO Forrest Burkholder commented “This transaction underscores our owners’ commitment and confidence in the underlying business. This recapitalization improves our balance sheet, while providing the opportunity to draw up to an additional $30 million in working capital. This will allow the company to participate in several world-class projects that meet our investment criteria.The Company is well positioned to take advantage of the recovery affecting our industry.

President Ken Tubman joined Burkholder in thanking the recently retired CEO Michael J. Faust for his hard work in the recapitalization transaction. “Mike’s efforts to put this together is a retirement gift from him to the company. We are a renewed international force thanks to this support from our owners.”

About SAE

SAE is an international petroleum services company providing a full range of vertically integrated seismic data acquisition and logistics support services across North America, South America, Asia Pacific, Africa and the Middle East. In addition to 2D, 3D, 4D time-lapse and multi-component seismic data acquisition on land, in transition zones and offshore at depths up to 3,000 meters, SAE also provides in-house logistics support services, such as program design, planning and permitting, camp services and infrastructure, surveying, drilling, environmental assessment and remediation, and community relations. SAE operates teams around the world, delivering projects for its blue-chip customer base, including large integrated oil companies, national oil companies, and independent oil and gas exploration companies. Based at Houston, TX, SAE supports its operations with a multinational presence in United States, Canada, Peru, Colombia, Bolivia, Malaysia, and Singapore. For more information, visit SAE’s website at www.saexploration.com.

SOURCE SA Exploration Holdings, Inc.

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