February 19, 2008. British Virgin Islands/Dubai: SeaBird Exploration Limited (BVI) ('SeaBird" or "SBX") announced today that it expects to report revenues in the range of USD 95-96 million and EBITDA in the range of USD 23-24 million for the year ended December 31, 2007.
Revenues are in line with previous indications, while the year-end close process has revealed unexpected costs and the EBITDA is consequently expected to be weaker than earlier indicated. SeaBird is in the final stages of completing and reviewing its financial reporting for the fourth quarter and year ended December 31, 2007 and the audit of these financial statements have not been completed. The numbers are subject to change.
SeaBird will report its unaudited fourth quarter 2007 results on Tuesday February 26, 2008 at approximately 8:00 am CET.
For further queries contact:
Chairman and CEO SeaBird Exploration
Phone: +971 504 539075
CFO SeaBird Exploration Limited
Phone: +47 916 39367
- - -
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). 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.