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17 March, 2006. -SeaBird Exploration Limited (SBX or SeaBird) announced today that it has contracted two Source Vessels to Veritas DGC. Kondor Explorer is fixed for 12 months commencing May 2006 with a 6 month option. Osprey Explorer, a source vessel under conversion, is fixed for 6 months from August 2006 with a 6 month option. Contract value is estimated to be in the range of USD 19.7 mill. for the firm periods. The vessels are intended as source vessels for a wide azimuth survey in the US Gulf of Mexico commencing in the second half of 2006.
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.
For further queries contact
Dag Reynolds
CEO SeaBird Exploration Limited