26 February, 2010. Cyprus:
SeaBird Exploration Limited ('SeaBird' or 'SBX') is pleased to provide a contracts update regarding some of its business activities as set out below;
Continuing a successful series of projects in Australia that began late October 2009, the Aquila Explorer has entered into a contract with the State of Victoria through the Department of Primary Industries for the acquisition of approximately 7,400 km 2D marine seismic data within the Southern Flanks of the Offshore Gippsland Basin, South-eastern Australia, and covering the 2009 released Greenhouse Gas Storage blocks (Gipps-01 to Gipps-03). The project commenced on February 21st and is expected to be completed within two months. The vessel will then return to South-east Asia where she has been awarded contracts to undertake approximately 4,000 km of 2D acquisition over two areas in the Song Hong Basin.
The combined value of the firm work listed above is estimated to be in the range of about USD 6 million and provides the vessel with employment for the next 4 months. CEO Tim Isden comments "SeaBird is delighted to be associated with the Victorian Government for this project and looks forward to further consolidating its position as a leading provider of seismic services in the region."
The Munin Explorer has been awarded a contract in the North Sea as a source vessel commencing 1st June for 2 months, with the client option to extend for a further 3 to 4 months. The initial award period, including Mob and Demob will generate about USD 4.1 million, with client paying fuel cost.
The Osprey Explorer is contracted to work from completion of her current survey end February in direct continuation until approximately end March in East India. This additional survey of approximately 3,000 km will generate in the region of USD 1.7 million, with client paying fuel cost.
A Letter of Award has been received for a survey in East Africa of approximately 5,000 km commencing mid to late April. The vessel to perform this contract will most likely be the Osprey Explorer. This contract will generate in the region of USD 4.7 million inclusive of fuel cost.
For further queries contact:
CEO SeaBird Exploration
Phone: + 971 504 539075
CFO SeaBird Exploration
Phone: + 47 920 51455
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, in the shallow water 2D/3D market and in 4C/4D multimode seismic by nodal seabed acquisition. 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. SeaBird is listed on the Oslo Stock Exchange (Ticker: SBX) and currently has nine vessels in its global operational fleet.
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.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)