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July 20, 2006. British Virgin Islands/Dubai: SeaBird Exploration Limited (BVI) ('SeaBird'or 'SBX') has received the necessary ministry approvals to complete the acquisition of the M/V Osprey Explorer from Ukrainian State Enterprise "MARS". The vessel was under a 12 month Bare Boat contract with a purchase option. Transfer of title to SeaBird expected to be in 2006 and subsequently the vessel will be fully reflected in the balance sheet assets of SeaBird.
The vessel is currently under conversion at Nauta Shipyard in Poland and will enter a 6 month contract with Veritas DGC upon completion in mid August 2006.
M/V Hawk Explorer also under conversion at Nauta Shipyard is slightly delayed with expected delivery late July/Early August 2006. The vessel will enter a long term contract with Fugro upon completion and has no penalty for late delivery under the contract.
M/V GeoMariner has completed a periodical Dry Docking in Dubai and will start a contract in the Arabian Gulf estimated to about 60 days work on the 25th July. The backlog of work for in the area looks positive
For further queries contact:
Dag Reynolds
CEO SeaBird Exploration Limited
Phone:+47 90883737
Tim Isden
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.
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.