16 March, 2006. -SeaBird Exploration Limited (SBX or SeaBird) announced today that it has fixed its 2D seismic ship R/V Hawk Explorer for 29 months plus a 12 month extension option to an undisclosed industry player.
The charter will commence upon delivery of the vessel from the shipyard where she is currently under conversion. Delivery is scheduled for early May 2006.
Contract value is estimated to be in the range of USD 33 mill. for the firm period.
SeaBird Exploration Limited (BVI) `SeaBird` is a global provider of 2D and 3D seismic data and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow water 2D/3D market. Main focus for the company is proprietary seismic surveys (contract seismic). SeaBird does not have a multi-client data library. Main success criteria for the company are an unrelenting focus on Quality, Health, Safety and Environment (QHSE), combined with efficient collection of high quality seismic data. SeaBird operates a seismic fleet of 4 vessels with two additional vessels under conversion with expected completion during the first half of 2006. SeaBird has applied for a listing on the Oslo Stock Exchange, and has been allocated the ticker `SBX` for a possible future listing.
All statements in this press release other than statements of historical fact are forward-looking statements and are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include SeaBird`s reliance on a cyclical industry and the utilization of the company`s vessels. Actual results may differ substantially from those expected or projected in the forward-looking statements.
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CEO SeaBird Exploration Limited