13 February, 2009. British Virgin Islands/Cyprus: SeaBird Exploration Limited ('SeaBird" or "SBX") together with their local partners Sonar Limited are pleased to announce the execution of a Letter of Commitment with Star Deepwater Petroleum Limited, an affiliate of Chevron Nigeria Limited and the operator of the Agbami field, for the pre-survey design and subsequent acquisition of a large scale ocean bottom node seismic program of the Agbami Field, offshore Nigeria. The program is currently scheduled to mobilize immediately upon completion of the previously announced contract for BP on the Atlantis Field in the deepwater GoM and will be conducted with the survey vessel Hugin Explorer, the source vessel Kondor Explorer and the proprietary CASE Abyss 4C autonomous seismic recording system technology. The contract has an expected duration of between 6 to 9 months and is expected to yield revenues including mobilization and demobilization in excess of our previously published guidance rates for OBN surveys (Hugin Explorer) and source vessels (Kondor Explorer). Pre-survey geophysical modeling, final terms, approvals and execution of contract are expected to be complete by early Q2-09.
SeaBird CEO, Tim Isden, stated the following:
"This Letter of Commitment represents the third major recognition of SeaBird OBN operations from the oil majors in a short period of time since its introduction to the market. We see great potential for the future in reservoir imaging and 4C / 4D applications, and strong industry support for our technology. This project represents another new milestone for our autonomous node acquisition system in ultra deepwater and congested areas and we are very pleased with the potential to build backlog on the Hugin Explorer and Kondor Explorer to early 2010."
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.