6th October, 2009. Cyprus: SeaBird Exploration Limited (`SeaBird` or `SBX`):
Vessel Utilization 3rd 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 3rd Quarter is 55%, down from 80% for the 2nd Quarter 2009.
The third quarter of 2009 has been a disappointing time for SBX, with idle vessels awaiting survey work as the downwards market effect was felt across the summer. There are, in the Company's opinion, clear signs that the 2D market is beginning to see signs of improvement over Q4 and into 2010 with the volume of bids and tenders increasing, and several contracts awarded to SeaBird recently.
The Osprey Explorer has been cold stacked in Labuan for the entire 3rd quarter.
Geo Mariner had a further disappointing utilization for Q3 of 9% after completing her last contract during June and lying idle in East Africa until commencing a short Seychelles survey in October. After completion in mid October she will transit to West Africa.
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 Q3 of 98% and 97% respectively.
Northern Explorer has remained idle in Singapore for the entire quarter, with utilization for Q3 consequently 0%. Crew levels were reduced to minimum to preserve costs.
Aquila Explorer completed her Far East surveys and then remained idle prior to her next firm contract commencing Q4 with utilization for Q3 of 20%.
Munin Explorer completed her East Coast India survey and subsequently mobilized to Ireland and Greenland with utilization for Q3 of 88%. She is now mobilizing to Gulf of Mexico.
The Hugin Explorer has successfully completed her full scale Ocean Bottom Node seismic survey on the Atlantis field for BP in Gulf of Mexico within scheduled time. She has since completed a further short test survey at BP time and cost and is now demobilizing. Utilization for Q3 was 86%. The Kondor Explorer joined the Hugin Explorer on the Atlantis field survey as a shooting vessel. Utilization for Q3 was 97%. Both vessels are scheduled to mobilize to Nigeria thereafter.
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 (Cyprus) `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.