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. 1 amends the Schedule 13D filed with the Securities Exchange Commission (the SEC) on August 8, 2016 (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 2. Identity and Background.

Paragraphs (a), (b), (c) and (f) of Item 2 of the Schedule 13D are hereby deleted and replaced with the following:

(a-c) This Statement is being filed by the following beneficial owners of Common Stock (each, a Reporting
Person):

(i)

BlueMountain Guadalupe Peak Fund L.P., a Delaware limited partnership (BMGP), with respect to the Common Stock directly owned by it;

(ii)

BlueMountain Long/Short Credit GP, LLC, a Delaware limited liability company (BMGP GP), with respect to the Common Stock directly owned by BMGP;

(iii)

BlueMountain Kicking Horse Fund, L.P., a Cayman Islands exempted limited partnership (BMKH), with respect to the Common Stock directly owned by it;

(iv)

BlueMountain Kicking Horse Fund GP, LLC, a Delaware limited liability company (BMKH GP), with respect to the Common Stock directly owned by BMKH;

(v)

BlueMountain Timberline Ltd., a Cayman Islands exempted limited company (BMT), with respect to the Common Stock directly owned by it;

(vi)

BlueMountain Summit Trading L.P., a Delaware limited partnership (BMST and, together with BMGP and BMKH, the Partnerships), with respect to the Common Stock directly owned by it;

(vii)

BlueMountain Summit Opportunities GP II, LLC, a Delaware limited liability company (BMST GP and, together with BMGP GP and BMKH GP, the General Partners), with respect to the Common Stock directly owned by BMST;

(viii)

BlueMountain Montenvers Master Fund SCA SICAV-SIF, an investment company with variable share capital organized as a specialized investment fund in the form of a corporate partnership limited by shares under the laws of Luxembourg (BMM and, together with the Partnerships and BMT, the BlueMountain Funds), with respect to the Common Stock directly owned by it;

(ix)

BlueMountain Montenvers GP S.à r.l., a private limited company incorporated under the laws of Luxembourg (BMM GP), with respect to the Common Stock directly owned by BMM;

(x)

BlueMountain GP Holdings, LLC, a Delaware limited liability company (GP Holdings), which serves as the sole owner of each of the General Partners, with respect to the Common Stock directly owned by each of the Partnerships; and

(xi)

BlueMountain Capital Management, LLC, a Delaware limited liability company (BMCM or the Investment Manager), which is the beneficial owner of 1,674,107 shares of Common Stock, serves as investment manager to the BlueMountain Funds and has investment discretion with respect to the Common Stock directly owned by the BlueMountain Funds.

The principal business of: (i) each of the BlueMountain Funds is to serve as a private investment fund; (ii) each of the General Partners and BMM GP
is to serve as the general partner of the Partnerships and BMM, respectively; (iii) GP Holdings is to serve as the sole owner of each of the General Partners; and (iv) the Investment Manager is to serve as the sole owner of BMM GP and to
serve as investment manager to, and to make investment decisions on behalf of, the BlueMountain Funds.