31 July, 2006 British Virgin Islands/Dubai: SeaBird Exploration Limited (BVI) ('SeaBird", or "SBX') has acquired M/V Highland Patriot. A Platform Supply Vessel, built in 1982. The vessel will be converted to a Source/2D seismic vessel. Total cost for the vessel, including upgrade and additional equipment, is expected to be up to USD 26 million. The vessel is expected to be in full operation from early 2007 and is fixed to Petroleum Geo-Services for 6 months with two 6 month options.
For further queries contact:
CEO SeaBird Exploration Limited
Phone +47 90883737
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 at Nauta Shipyard in Poland, and an Ocean Bottom Seismic/Source vessel that will be operational early 2007.
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.