5 October, 2009. Cyprus:
SeaBird Exploration Limited ('SeaBird' or 'SBX') has by the end of last week been presented with six Letters of Intent, Letters of Award, and Firm contracts as set out below;
A Firm contract for Munin Explorer to operate in Mexico as a source vessel commencing December 2009. Duration including mobilization and demobilization is expected to be two months. Contract value is in the region of USD 2.8 million. Negotiations are ongoing for an interim contract for the period between arrival Gulf of Mexico in October and commencement of the Mexico work.
A Letter of Award for Northern Explorer starting October 2009 for 1,000 km 2D in North Java followed by a Letter of Award for 13,200 km 2D in Indonesia for a consortium of oil companies. This second Indonesia contract carries contingent options for the work to be expanded to 20,612 km 2D. Duration of these two contracts is expected to be 5-7 months and combined values are in the region of USD 10-15 million.
A Letter of Award for Aquila Explorer starting October 2009 in Indonesia and then mobilizing to Australia for a Firm contract 3,800 km 2D survey in Western Australia prior to commencing a previously reported firm contract of 4,500 km 2D in Bremer Basin, Southwestern Australia, due to commence December 2009. Following completion in Bremer Basin, Aquila Explorer has received a Letter of Intent for a further 2,200 km 2D in Australia, occupying the vessel until end February 2010. Combined values of these four contracts are currently in the region of USD 5.0-7.5 million.
The combined value of the firm work listed above is estimated to be in the range of about USD 20 million and provides our 2D fleet with employment for the next 4-6 months.
CEO Tim Isden comments "We are very pleased to see that the volume of 2D bids and tenders has steadily increased over the last months, but more importantly that awards are now being made after the slow progress through the spring and summer of 2009"
For further queries contact:
CEO SeaBird Exploration
Phone: + 971 504 539075
CFO SeaBird Exploration
Phone: + 47 920 51455
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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.