SAExploration Properly Completes Financial Restructuring

HOUSTON, Dec. 21, 2020 (Globe NEWSWIRE) — SAExploration Holdings, Inc. (“SAE” or the “Company”) announced today that it has successfully concluded its monetary restructuring and emerged from Chapter 11 as a private, non-SEC reporting firm. As a consequence of its plan of reorganization, which gained broad help from its collectors, the Corporation has lessened its financial debt by around $74 million, internet, as a result positioning the Company for long run progress.  Throughout the course of its restructuring, SAE continued to preserve world-wide business as usual, preserving its solid associations with its consumers, suppliers and staff for the Company’s potential.

“We are very happy to have accomplished this efficient and consensual reorganization, and we glance forward to doing the job with our stakeholders and freshly-appointed board associates as a personal organization,” mentioned Michael J. Faust, CEO. “I would like to thank our shoppers, suppliers, and our staff whose determination, tolerance and hard get the job done have been outstanding during.  Our substantially enhanced equilibrium sheet and improved cash will place us in an outstanding placement to compete, while providing the greatest good quality of assistance. Our concentrate on protection and environmental stewardship will stay at the forefront of our business enterprise.”

A Special Committee of the Company’s Board of Directors that was fashioned in August 2019 to oversee an inside investigation with regard to the beforehand disclosed SEC investigation of the Firm was dissolved on December 7, 2020.

Last month, the Firm entered into a consent arrangement with the SEC that resolves all allegations pertaining to the Enterprise with regard to the expenses filed by the SEC in Oct. The joint movement filed by the SEC and SAE in assistance of the consent agreement notes SAE’s cooperation, remediation and inside investigation, and that:

• There is no allegation of continuing or ongoing misconduct by SAE
• Previous SAE executives hid their fraud from the Board
• SAE has eliminated the previous executives who were accountable for the misconduct
• SAE has executed enhancements to its inner guidelines and procedures, together with the addition of a Main Compliance Officer

Pursuant the consent agreement, without having admitting or denying the allegations in the SEC criticism, the Corporation consented to the entry of a ultimate judgment that forever enjoins it from violating the sections of the federal securities laws mentioned in the SEC grievance, but that does not impose any financial penalty on the Firm. The final judgment was entered by the court docket on December 18, 2020.

New Capital Construction

On emergence from Chapter 11, SAE entered into a new $15. million initial out term financial loan facility with particular of its current loan companies, refinanced its prior credit facility with a new $20.5 million second out phrase loan facility with the current lenders, and removed $89. million of principal and desire with regard to its prior senior loan facility and 6.% Senior Secured Convertible Notes thanks 2023. All equity fantastic prior to the reorganization was extinguished at emergence with new equity getting issued to certain of the Company’s existing loan providers.

New Board of Administrators

The Corporation also announced its new Board of Directors, comprised of the adhering to people today:

• Kenneth M. Tubman, President of PPA Resources, will provide as Chairman of the Board of Administrators
• Peter W. Cramer, Founder and Managing Husband or wife of the Computer system Advisory Group
• Marc Rowland, Founder and Senior Running Director of IOG Cash, LP will serve as Audit Committee Chairman
• Zaki Selim, former President, Middle East & Asia, Schlumberger
• Michael J. Faust, President and CEO of the Firm
  

Advisors

Porter Hedges LLP acted as authorized counsel and Imperial Cash, LLC and Wintertime Harbor LLC acted as monetary advisors to SAE in relationship with its restructuring initiatives.

Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to the advert hoc team of particular consenting lenders in link with the Chapter 11 scenarios.

About SAE

SAE is an worldwide oilfield expert services firm giving a full selection of vertically-integrated seismic data acquisition, info processing and interpretation, and logistical guidance expert services all through North The united states, South America, Asia Pacific, Africa and the Center East. In addition to the acquisition of 2D, 3D, time-lapse 4D and multi-component seismic info on land, in changeover zones and offshore in depths reaching 3,000 meters, SAE provides a total suite of facts processing and interpretation providers using its proprietary, patent-safeguarded program, and also presents in-residence logistical guidance products and services, this sort of as method design and style, planning and allowing, camp products and services and infrastructure, surveying, drilling, environmental evaluation and reclamation, and neighborhood relations. SAE operates crews all over the earth, carrying out key jobs for its blue-chip consumer base, which features key integrated oil businesses, national oil organizations and massive impartial oil and fuel exploration corporations. With its international headquarters in Houston, Texas, SAE supports its functions by means of a multi-nationwide presence in the United States, United Kingdom, Canada, Peru, Colombia, Bolivia, Malaysia, and Singapore. For much more details, you should stop by SAE’s web page at www.saexploration.com.

Media Contact:

Sarah Marshall
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