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Highlights and significant events in Q1 - 2006
 
The Group has continued its strong growth revenues with an increase of more than 80% year-to-date compared to the corresponding period in 2005. Operating profit has increased by nearly 30%.
 
In Q1 the Group has strengthened management and operating capacity in order to consolidate for further growth, to manage operation of two new vessels from the second half of 2006 and to meet requirements as a listed company.
 
In December 2005, the Group entered into a long term financial lease, securing the deep-sea factory trawler "Høgifossur" TBN "Hawk Explorer", and ordered key long lead items such as compressors and seismic streamer necessary for the conversion to a 2D seismic vessel. In  Q1 the Group has entered into a one year bareboat agreement, with a purchase option, for the "MV Gepard" TBN "Osprey Explorer". Furthermore, the Group has entered into conversion contracts for both the Hawk Explorer and the Osprey Explorer with Nauta Shipyard in Poland. Additionally, the Group has ordered new compressors for the Osprey Explorer. The vessels should be ready for operations in respectively the 2nd and the 3rd quarter in 2006. Both ships are under conversion at a shipyard in Poland.
 
As for the two new vessels under conversion, the Company has been sucessful in signing long term contracts with large seismic companies giving full revenues from the date of delivery.
 
The Group has secured two additional compressor sets, both with delivery before the end of 2006 in order to continue its fleet expansion plans.
 
 
Chairman Tim Isden and CEO Dag Reynolds, will host a conference call on May 22 At 15,00 Norwegian time (9,00 AM New York time). A Q&A session will follow a short introduction, based upon the presentation issued in the morning.
 
Questions should be sent by Email to: magnus.tornling@abgsc.no The call will be opened up for telephone questions if time permits.
 
Dial in information:
Tel: +47 21 50 23 11
Host-id: 26155
Pin code: 6567
 
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SeaBird Exploration Limited (BVI) "SeaBird" is a global provider of marine 2D and 3D seismic data, solutions for seabed acquisition of 2D, 3D and 4D multimode seismic, 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
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
Phone:(47)90883737
 
The presentation can be downloaded from the following link:

The full report with tables can be downloaded from the following link: