Arias, Fábrega & Fábrega acted as special Panamanian counsel to SeaBird Exploration PLC in connection with a bond agreement between SeaBird Exploration PLC (as issuer), Norsk Tillitsmann ASA (acting on behalf of the bondholders as bond trustee), and Harrier Navigation Company Ltd., Sana Navigation Company Limited, Aquila Explorer Inc., and Osprey Navigation Co. Inc. (as joint and several guarantors). In the bond agreement, SeaBird Exploration resolved to issue a series of bonds in the maximum amount of US$89 million, and the guarantors agreed to guarantee the due and punctual performance by the issuer of all its obligations under the bond agreement and the finance documents related thereto. 

The bond agreement was secured by a First Naval Fleet Mortgage over three Panamanian registered vessels: Harrier Explorer, Northern Explorer, Aquila Explorer and Osprey Explorer. The amount secured was for US$115 million.  Share Pledges over all the shares in the Panamanian companies Aquila Explorer Inc., and Osprey Navigation Co. Inc. were also used.

ARIFA shipping lawyers joined a multijurisdictional team of attorneys in this transaction involving a millionaire issuance of bonds subject to the law of Norway, by a Cypriot company, for repayment of existing loans also under the law of Norway, and the granting of securities under the laws of Panama and Cyprus, including Pledges, Share Pledges, Naval Mortgages, Assignments, among others, by Panamanian and Cypriot companies. 

SeaBird Exploration provides an extensive portfolio of multidisciplinary geophysical services to the oil and gas exploration and production communities around the world.