July 28, 2006. British Virgin Islands/Dubai: SeaBird Exploration Limited (BVI) ('SeaBird'or 'SBX') has today contracted a source vessel to be named to Petroleum Geo-Services (PGS).
SeaBird will acquire and convert a vessel for the contract that starts in January 2007. The vessel will be prepared for 2D seismic work, and PGS has the option to work the vessel in the 2D market against a rate increase. PGS will then provide the seismic equipment. The contract is for 6 months with two 6 month options. The value of the firm period of the contract as a source vessel is approximately USD 9 mill. with a slight rate increase for the optional periods. SeaBird will carry out the full seismic and marine operations.
For further queries contact:
CEO 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.
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.