December 8, 2008. British Virgin Island/Dubai: SeaBird Exploration Limited ('SeaBird' or 'SBX') has received a letter of award from BP Exploration & Production Inc. for an ocean bottom nodes ("OBN") seismic acquisition survey in Green Canyon, Gulf of Mexico, USA. This survey will commence upon completion of the current contract Total E&P Angola, estimated to February 2009. The survey will be done in the range of 1,300-2,300 meters water depth and carried out with the state of the art OBN vessel "Hugin Explorer" and "Kondor Explorer" as a separate source vessel. The contract has an expected duration of around 3 months and is expected to yield an average day rate including mobilization and demobilization in line with our current guiding in excess of USD 200,000 for OBN surveys (Hugin Explorer) and USD 60-65,000 for source vessels (Kondor Explorer).
SeaBird CEO, Tim Isden, stated the following:
This letter of award represents a major recognition for SeaBirds OBN operations and 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 another oil major as our contractual partner in our next survey using our autonomous node acquisition system in deepwater and congested areas. We see an increased interest in reservoir monitoring and characterization from the oil companies and have experienced a massive increase in interest for our node technology after commencement of the Total Angola contract.
For further queries contact:
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 Health, Safety, Security, Environment and Quality (HSSEQ), 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.