January 29, 2007. British Virgin Islands/Dubai: SeaBird Exploration Limited (BVI) ('SeaBird'or 'SBX') and Økland Fiskebåtrederi AS (Økland) have entered into a 5 year firm bareboat charter with 3 x 1 year options for the vessel Newfoundland Otter, TBN Munin Explorer, a 1990 built Norwegian trawler under conversion to a Seismic ship. Økland will carry out the conversion to a Source/2D vessel at their cost with the exception of the cost of the Air Guns and the Streamer.
The contract value for the firm period is approximately USD 33 million and is scheduled for commencement in June 2007. SeaBird has an option to purchase the vessel during the firm 5 years period.
For further queries contact:
CEO SeaBird Exploration Limited
CFO SeaBird Exploration Limited
Phone +47 91639367
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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.