October 9, 2007. British Virgin Islands/Dubai: SeaBird Exploration Limited (BVI) ('SeaBird") announced today the vessel utilization for the third quarter of 2007. For this purpose vessel utilization is defined as the percentage of the full quarter where the vessel is in paid work either in the form of acquisition, mobilization, demobilization, steaming, standby or other.
For the five vessels in operation for the full quarter, the average vessel utilization was around 62%. The Northern Explorer and the Kondor Explorer were satisfactory with utilization well above 95%. Kondor Explorer has been extended 4 months with CGG Veritas and now runs until February 2008. Hawk Explorer was slightly below 95% caused by technical downtime on seismic equipment. Osprey Explorer ended a contract in the end of July and has been to yard for two months to be upgraded from a source vessel to a long offset 2D vessel. Consequently, the vessel utilization for Osprey was 27%. Osprey is now ready from the yard and will mobilize out of the Gulf of Mexico for an expected contract. Geo Mariner has been at the shipyard and has been idle for the whole quarter. She commenced the first of a series of expected short and medium term contracts on 6 October.
Aquila Explorer was delivered from the yard in late June and has performed very well since she went on-hire with PGS the 22 August 2007 and had a vessel utilization of 42% for the full quarter. The Munin Explorer has also performed well from delivery in early August. She was upgraded to long offset 2D in the end of August, bringing the vessel utilization to 47% for the quarter. She will mobilize to India for the previously announced ONGC contract upon release from the current long offset contract in the North Sea. The Harrier Explorer was delivered 10 September. She experienced some technical downtime in the initial weeks and has a utilization of 10% for the full quarter.
As a consequence of the slow start of the Geo Mariner, delays in completion of the Osprey Explorer, significant inflation of crew salaries and the weakening of the USD, we now expect EBITDA for the year to be in the range of USD 40 million, while revenues is expected to be in the range of USD 100-110 million.
For further queries contact:
CEO SeaBird Exploration Limited
Phone: +47 908 83737
CFO SeaBird Exploration Limited
Phone: +47 916 39367
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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 f 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.