Seacrest Petroleo Bermuda Limited
SEAPT.OL
Oslo Stock Exchange0.14
NOK
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Seacrest Petroleo Bermuda Limited
SEAPT.OL
(Oslo Stock Exchange)
Recent
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0.14
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yld
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ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- Seacrest Petroleo Bermuda Limited Seacrest Petroleo Bermuda Limited (SEAPT.OL) is a Bermuda-based independent oil and gas production company focused on the redevelopment and operation of mid-life onshore oil and gas fields in Espírito Santo, Brazil. Incorporated in 2019 and headquartered at 99 Front Street, Hamilton, Bermuda, the company maintains offices in Bermuda, Norway, and Brazil, and employs approximately 314 people. It operates through two primary asset clusters: the fully owned and operated Norte Capixaba Cluster comprising four onshore fields; and the Cricaré Cluster encompassing approximately 27 onshore fields where the company serves as operator; complemented by the fully owned Terminal Norte Capixaba for processing, transportation, and direct loading of premium-grade oil and gas products to offshore tankers, enabling cost-effective operations and market access. The company's fields hold estimated oil and gas in place volumes of 1.2 billion barrels of oil equivalents and certified 2P reserves of 144 million barrels of oil equivalents, with associated gas primarily used in internal operations. Recent developments include the appointment of Joint Provisional Liquidators on February 21, 2025, by the Supreme Court of Bermuda to preserve and protect assets amid ongoing restructuring efforts; a November 2024 forbearance agreement with lenders under its US$300 million credit facility to facilitate balance sheet recapitalization and avoid default actions through December 3, 2024; signed term sheets in October 2024 with Trafigura for a US$40 million prepayment facility maturing December 31, 2025, and with MBD Partners SA for up to US$217 million in tranched minority non-operating interests in subsidiary Seacrest Petroleo Cricare Bermuda Limited, potentially exchangeable for direct 25% working interests in core assets; amendments to its credit agreement in early 2024 waiving certain leverage covenants; and an October 2024 exclusivity arrangement with a London-based multi-family office for additional minority stakes exercisable at higher valuations by end-2025.