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7 April, 2009. Cyprus/British Virgin Islands: SeaBird Exploration Limited (BVI) (`SeaBird` or `SBX`):
Signing of Contracts
SeaBird Exploration Limited (BVI) ('SeaBird" or "SBX") is pleased to announce the recent signing of two contracts following awards for the 2D Seismic vessel Munin Explorer and the 2D/3D shallow water vessel Geo Mariner in East Africa.
Munin Explorer has commenced operations offshore Mozambique after mobilizing from South Africa, The vessel will shoot 2D seismic for approximately 4-6weeks. The Geo Mariner will mobilize this week from Dubai after planned drydocking and class maintenance since mid February. The Vessel is expected to arrive location off Mozambique end April 2009, where she will perform 2D shallow water seismic for an expected period of about two months.
Vessel Utilization 1st Quarter 2009
Vessel utilization is defined as the percentage of the full quarter where the vessel is in paid work either in the form of acquisition, mobilization, demobilization, steaming, standby or other. The vessel utilization for the 9 seismic vessels operated by SeaBird Exploration for the 1st Quarter is reduced to 62 %, down from 77% in the 4th Quarter 2008 and 83% in average for last year. The low utilization during the first quarter is due to the following: Kondor Explorer continuing to be idle awaiting engagement as source/support vessel for the Ocean Bottom Node contract for Hugin Explorer with BP E&P Inc in GoM expected to commence in July 2009. Munin Explorer has a utilization of 25% after being idle for most of the quarter before mobilization for her next contract.
Geo Mariner has a utilization of 43% after the planned docking and class maintenance during February and March before mobilizing for her next contract.
Hawk Explorer and Harrier Explorer have continued on their long term time charters to Fugro Geoteam (to end November 2009) and PGS (to 4th Quarter 2011) and have a utilization of 82% and 99% respectively. Hawk Explorer had 12 days off hire due to technical downtime in February.
Osprey Explorer and Northern Explorer continued to acquire data at the East Coast of India for the whole quarter with utilization of 98% and 90% respectively. The Northern Explorer completed work for ONGC on the West Coast of India end of January and then mobilized to join Osprey Explorer on the East Coast surveys.
Aquila Explorer had a utilization of 82% mainly due to upgrading with a solid streamer following her redelivery from PGS in January. The Vessel has been working offshore South America during February and beginning of March, and is presently mobilizing to the Far East to commence her next survey.
The Hugin Explorer has continued in Angola on her first full scale Ocean Bottom Node Seismic survey for Total and has completed reshooting ready to retrieve nodes to complete the Dalia survey.
Subsequent to this, she will move to the Girassol field, which is expected to be completed in May.
Thereafter the Vessel will be mobilized to GOM for the Green Canyon Field survey for BP E&P Inc.
Vessel utilization for Hugin Explorer for the quarter continued to be low at 38%, mainly due to redeployment and reshooting following the problems experienced earlier with the electronics and handling systems. These initial start-up problems have been addressed and the vessel performance is expected to improve after modifications. SeaBird has experienced more problems on the first full scale Ocean Bottom Node Seismic survey for Total than was expected. However, we believe most of these difficulties are now behind us. Furthermore the fact that the company has been able to secure two more substantial contracts for this technically front end technology for two major oil companies
BP E&P Inc in GoM and Chevron affiliate Star Deepwater offshore Nigeria, has given SeaBird a boost in confidence for the future of this niche seismic technology.
For further queries contact:
Tim Isden
CEO SeaBird Exploration
Phone: +971 504 539075
Kai Solberg-Hansen
CFO SeaBird Exploration
Phone: +47 920 51 455
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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.