August 29, 2007. Singapore/Dubai/Oslo: SeaBird Exploration Limited (BVI) ('SeaBird' or 'SBX')
has today agreed to sell the Raven Explorer for a price of USD 17 million with delivery within the first half of September.
The vessel was intended converted to a shallow water 2D/3D vessel, but modeling could not positively conclude the vessels suitability as a state of the art seismic vessel.
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.
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.