Norwegian Seismic Company Dives into Deepsea Mining Business

November 24, 2020

For Illustration: SeaBird's Petrel Explorer vessel - Credit: Rodrigo Freitas/MarineTraffic
For Illustration: SeaBird's Petrel Explorer vessel - Credit: Rodrigo Freitas/MarineTraffic

Seabird Exploration, a Norway-based provider of seismic survey services for the offshore oil and gas industry, is diversifying and venturing into deep-sea mining.

The company on Monday announced a plan for funding and listing of its 100% owned subsidiary Green Minerals AS (GM).

"Green Minerals enables the world's drive towards electrification and digitization in a sustainable manner.  We do this by deep-sea mining of marine minerals and Rare Earth Elements (REE) key to the green shift, eliminating the social costs in onshore mining while reducing the environmental footprint and solving a strategic need for EU and USA," SeaBird said in a statement introducing the new company.

Green Minerals will issue NOK 30 million (USD 3,3 million) in equity to new investors. Seabird intends to spin off parts of the ownership in GM to its own shareholders while remaining a large owner.

Seabird will own between 75 percent and 79 percent of Green Minerals post issue. Green Minerals will seek listing on Euronext Growth Oslo.

Green Minerals will have approx 5000 shareholders and be fully funded until license award when listing on Euronext Growth Oslo

"Some of the largest shareholders in Seabird, the Executive Chairman and at least one board member have pre-committed to subscribe to the offering," SeaBird said.

Mineral resource potential off Norway at $77,8 billion

In a presentation released Tuesday, Green Minerals said its goal was for Green Minerals to be recognized as a pioneer in offshore mining and a leader in Marine Minerals.

Medium-term, the company is looking to win licenses to survey, explore and produce Marine Minerals on the Norwegian Shelf, and capitalize on what it says is a capitalizing on a NOK 700bn (USD 77,8 billion) worth of resource potential.

Long term, Green Minerals said its goal is to win mining licenses internationally, based on its Norwegian Shelf technology, and establish the
the company as a leading offshore miner globally.

Worth reminding, Seabird's announcement comes after the company in September said it was exploring its potential entry into the renewable energy industry.

"...the company has decided to pursue a feasibility study into a niche in the renewable energy segment," SeaBird said, without providing further details at the time.



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