January 8, 2008. Mumbai/Dubai/Oslo: SeaBird Exploration Limited (BVI) ('SeaBird' or 'SBX').
SeaBird has today received two letters of award from Oil and Natural Gas Corporation Limited of India ("ONGC") for two surveys for a total of approximately 82,000 line km long offset 2D survey outside the east coast of India. The total gross contract value is estimated to around USD 100 million. Two or more of the company vessels will be scheduled into these surveys shortly.
For further queries contact:
Chairman and CEO SeaBird Exploration
Phone: + 971 504 539075
CFO SeaBird Exploration
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 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.