13D Filing: Blue Mountain Capital and Saexploration Holdings Inc. (SAEX)

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CUSIP No. 78636X204

Item 1. Security of the Issuer.

This Amendment No. 2 amends the Schedule 13D filed with the Securities Exchange Commission (the SEC) on August 8, 2016 (as amended
by Amendment No. 1 thereto filed on December 21, 2017, the Schedule 13D), relating to the shares of Common Stock, par value $0.0001 per share (the Common Stock), of SAExploration Holdings, Inc., a
Delaware corporation (the Issuer). The Issuers principal executive office is located at 1160 Dairy Ashford Rd., Suite 160, Houston, Texas 77079. Unless specifically amended hereby, the disclosures set forth in the Schedule
13D remain unchanged.

Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

Item 6 of the Schedule 13D is hereby amended by adding the following:

(iv) Waiver and Consent to Term Loan and Security Agreement

On
December 21, 2017, the Issuer entered into a Waiver and Consent to Term Loan and Security Agreement (the Term Loan Consent) with the lenders, including the 2017 Supporting Holders, under the New Senior Loan Facility, pursuant to
which the 2017 Supporting Holders (A) consented to, and waived compliance with any provision in the agreement governing the New Senior Loan Facility that might prohibit, the Restructuring Transaction and (B) consented to increase the
amount of aggregate principal amount of obligations secured by liens that are senior to the liens securing the Obligations (as such term is defined in the Term Loan Consent) from $16 million to $20 million under the Specified Letter
Agreement (as such term is defined in the Term Loan Consent).

The summary of the Term Loan Consent set forth above does not purport to be complete and is
qualified in its entirety by reference to such agreement, a copy of which is being filed as Exhibit 10 hereto and is incorporated herein by reference.

Item 7. Material to be Filed as Exhibits.

Item 7 of
the Schedule 13D is hereby amended by adding the following:

9. Joint Filing Agreement dated December 22, 2017, attached as Exhibit 7 hereto.

10. Waiver and Consent to Term Loan and Security Agreement, dated as of December 21, 2017, by and among the Issuer, the Guarantors, the lenders identified
therein and the New Senior Loan Facility Agent.