December 23, 2008. British Virgin Island/Cyprus: SeaBird Exploration Limited ('SeaBird' or 'SBX') has been awarded two contracts for the Aquila Explorer in South America and the Far East. These contracts are back-to-back and will commence when Aquila Explorer is ending the contract with Petroleum Geo-Services (PGS) in early 2009. Furthermore, SeaBird has been awarded a new contract for the Geo Mariner in the Middle East. These contracts secure satisfactory back-log for the Aquila Explorer and Geo Mariner until the later part of Q2 2009. The total value of these contracts are in the range of USD 30 million and are expected to yield average day rates in excess of our current guiding for these vessels of USD 75-90,000.
SeaBird has now executed a formal contract with BP Exploration & Production Inc. for the ocean bottom nodes ("OBN") seismic acquisition survey in Green Canyon, Gulf of Mexico, USA, including the Hugin Explorer and Kondor Explorer, following the letter of award previously announced.
This survey will commence upon completion of the current survey in Block 17, offshore Angola for Total. Completion date for this survey is now expected to be early Q2 2009 due to ongoing improvements to the deep-water node system. BP is also a partner in block 17.
CEO of SeaBird, Mr. Tim Isden states that "we are pleased that we are able to continue building our vessel backlog at day-rates above our guided levels, despite the turmoil in the financial markets and the drop in oil price."
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.