April 28, 2008. British Virgin Island/Dubai: SeaBird Exploration Limited (BVI) ('SeaBird' or 'SBX').
SeaBed Geophysical AS, a subsidiary of SeaBird, has received a letter of award from Total E&P Angola ("Total") for an ocean bottom nodes seismic acquisition survey in Angola. The concessionaire of Block 17/92 is Sonangol. Total E&P Angola is the operator with a 40% interest in Block 17/92 along with Esso Exploration Angola (Block 17) Limited (20 %), BP EXPLORATION (Angola) Limited (16.67%), Statoil Angola Block 17 AS (13.33%) and Norsk Hydro (10%). Including mobilization and demobilization the survey is expected to take around 4 months, and the total contract value for the survey will be in the region of US$ 25 million. The survey will be done at around 1,300 meters water depth.
SeaBird took delivery of the vessel Hugin Explorer in January 2008 and is now in the final stages of the conversion to a state-of-the-art node vessel for our SeaBed operations. Currently, we expect to commence operations after mobilisation to Angola in early Q3.
SeaBird Chairman and CEO, Tim Isden, stated the following:
This letter of award represents a first major recognition from oil companies for our SeaBed operations and provides our first contract in the high end of the seismic industry where we see great potential for the future in reservoir imaging and 4C / 4D applications . We are extremely happy to reach this milestone and to have Total as our contractual partner in our first survey using our autonomous node acquisition system in deepwater and congested areas.
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.