SAExploration Announces Recapitalization Transaction

HOUSTON, Jan. 31, 2022 /PRNewswire/ -- SAExploration Holdings, Inc. ("SAE" or the "Company") announced that it has completed a $26 million recapitalization transaction whereby new capital was provided to the Company, and the Company's second out term loan lenders exchanged debt for shares of the Company's common stock. In addition, the Company's loan documents were amended to allow for up to $30 million of additional secured indebtedness to be used for working capital and general corporate purposes on such terms as approved by the Company's lenders and Board of Directors. Following the transaction, the Company's outstanding indebtedness under its existing capital structure has been reduced to approximately $20.3 million, with no cash interest due until the maturity date in December 2023.

CEO Forrest Burkholder commented "This transaction emphasizes our owners' commitment to, and confidence in, the underlying business. This recapitalization improves our balance sheet, while providing the opportunity to draw up to an additional $30MM of working capital. This will enable the Company to participate in multiple world class projects that meet our investment criteria. The Company is well positioned to take advantage of the recovery that is reaching our industry."

Chairman Ken Tubman joined Burkholder in thanking recently retired CEO Michael J. Faust for his hard work in the recapitalization transaction. "Mike's efforts in putting this together is a retirement gift from him to the Company. We are a renewed international force with this support from our owners."

About SAE

SAE is an international oilfield services company offering a full range of vertically-integrated seismic data acquisition 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 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 projects for its blue-chip customer base, including major integrated oil companies, national oil companies and independent oil and gas exploration companies. Headquartered in Houston, Texas, SAE supports its operations through a multi-national presence in the United States, Canada, Peru, Colombia, Bolivia, Malaysia, and Singapore. For more information, visit SAE's website at www.saexploration.com.

SOURCE SAExploration Holdings, Inc.