British Virgin Islands/Dubai, 20 June 2006: On 16 June 2006, SeaBird Exploration Limited (BVI) ('SeaBird' or 'SBX') announced its intention to submit a voluntary offer to purchase all the outstanding shares of Global Geo Services ASA ('GGS'), at a purchase price per GGS share of NOK 5.25. It was informed that the offer would be presented in a formal offer document envisaged to be published on or about 22 June 2006, one day after the Annual General Meeting in GGS due to be held on 21 June 2006, and after sufficient time had been allowed to review GGS year end 2005 annual audited accounts.
On 19 June 2006, GGS announced that the date for the Annual General Meeting was postponed from 21 June 2006 to 30 June 2006.
As a result of this postponement of the Annual General Meeting in GGS, SeaBird expects a similar postponement of its offer, and envisages that a formal offer document will now be published on or about 3 July 2006.
As of 19 June 2006, SeaBird, owned 5,136,000 shares (equal to approx. 8.5% of the total number of shares currently outstanding) in GGS.
For further queries contact:
CEO SeaBird Exploration Limited
Phone: +47 90883737
Chairman SeaBird Exploration Limited
Phone: +97150 453 9075
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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.