21 October, 2009. Cyprus:
SeaBird Exploration Limited ('SeaBird' or 'SBX') is pleased to announce three more contracts awarded this week in addition to the six contracts announced on 5 October 2009. These new contracts are:
A Time Charter contract for a minimum of 4 months as source vessel in US Gulf of Mexico. The contract value for the minimum duration is in the region of USD 6 million. SeaBird has decided to reactivate the Osprey Explorer for this contract. The vessel has been cold stacked in Labuan, Indonesia since June 2009.
Through this award SeaBird will have all vessels on contract or committed for work.
Geo Mariner has been issued an LOA for a 3D Seismic contract in West Africa with a value of about USD 3 million in direct continuation of work recently completed near the Seychelles.
In our press release dated 5 October regarding Munin Explorer, we informed about a potential interim contract between now and the start of the source contract in Mexico from beginning of December 2009. This contract is now in place at a value of USD 1.5 million in revenue and a potential USD 1.8m in uplift from sales, and will keep the vessel in continued operation.
These contract awards are increasing the firm backlog value for our 2D/(3D shallow water) segment from about USD 20 million to USD 32 million, or up to a potential of about USD 40 million if options are exercised. With the long term time charter to PGS of the Harrier Explorer and the Chevron Contract awarded in Nigeria for the Ocean Bottom Node operation with Hugin Explorer, the overall backlog all inclusive for SeaBird is in the region of USD 140 million.
CEO Tim Isden comments "These latest awards of contracts in the 2D segment, confirm our expectations of a fast and firm recovery of the 2D seismic market, which has been visualized through an increased number of awards and tenders for 2010 lately".
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.