December 22nd, 2006. British Virgin Islands/Dubai: SeaBird Exploration Limited (BVI) ('SeaBird'or 'SBX')
SeaBird Exploration Ltd (SeaBird) and Siem Offshore Inc have entered into a 5 year firm bareboat charter with 3 x 1 year options for the vessel Siem Mariner, a DP2 platform supply vessel of MT 6000 mk II design, delivered from the Kleven yard in Norway December 2006. SeaBird will convert the vessel to a state of the art SeaBed Seismic vessel at a cost estimated to be approximately USD 17 mill.
The contract value for the firm period is approximately USD 57 million and is scheduled for commencement in 2Q 2007. SeaBird has an option to purchase the vessel at the expiry of the firm 5 years period at a price of approximately USD 48 million.
Seabird has decided to move the Harrier Explorer previously destined for SeaBed into the 2D/Source vessel market due to strong market demand and is in a dialogue with several industry players for employment of the vessel.
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 4C/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 6 vessels with three 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.