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

CUSIP No. 78636X204

The 2017 RSA contemplates the following transactions:

The 2017 RSA contemplates various closing conditions, including, among other things, the
negotiation of definitive documentation and a minimum tender condition of 95% in principal amount of the Second Lien Notes in the exchange offer and consent solicitation (the Minimum Threshold).

The 2017 Supporting Holders may terminate the 2017 RSA if, among other customary termination events, the Issuer files for bankruptcy or if the consummation of
the exchange offer and consent solicitation has not occurred by February 14, 2018.

The summary of the 2017 RSA 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 8 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:

7. Joint Filing Agreement dated December 21, 2017, attached as Exhibit 7 hereto.

8. Restructuring Support Agreement, dated as of December 19, 2017, by and among the Issuer, certain subsidiaries of the Issuer, the 2017 Supporting
Holders and the members of management identified therein (incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Issuer on December 20, 2017).