8 July, 2009. Cyprus: SeaBird Exploration Limited (`SeaBird` or `SBX`):
Vessel Utilization 2nd 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 2nd Quarter is 80%, up from 62% in the 1st Quarter 2009.
Geo Mariner had a utilization for Q2 of 50% after completing her last contract and lying idle in East Africa during June.
Hawk Explorer and Harrier Explorer have continued on their long term time charters to Fugro (to end November 2009) and PGS (to 4th Quarter 2011) with utilization for Q2 of 95% and 100% respectively.
Osprey Explorer and Northern Explorer continued to acquire data on the East Coast of India for April and May, both vessels successfully completing 100% of the contractual 82,000 kilometers in early June. The two vessels then demobilized and steamed to Singapore with utilization for Q2 of 80% and 81% respectively. Osprey Explorer is now preparing for a long term lay-up and the overall fleet manning has been reduced correspondingly.
Aquila Explorer continued her Far East surveys with utilisation for Q2 of 95%.
Munin Explorer completed her survey in Mozambique and mobilized to East Coast India to commence a further survey with utilisation for Q2 of 89%.
The Hugin Explorer has completed her first full scale Ocean Bottom Node seismic survey on the Dalia field for Total in Angola. She has since demobilized for Total and mobilized to GOM for the Green Canyon field survey for BP E&P Inc starting on site late July after commissioning and tests. Utilisation for Q2 was 86%.
The Kondor Explorer after being idle in GOM has in Q2 commenced mobilization and commissioning in preparation to join the Hugin Explorer on the Green Canyon survey as a shooting vessel. Utilisation for Q2 was 33%.
For further queries contact:
CEO SeaBird Exploration
Phone: +971 504 539075
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.