13 April 2010. Cyprus: SeaBird Exploration Limited (`SeaBird` or `SBX`):
Vessel Utilization 1st Quarter 2010
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 for the Q1 2010 was 76 % compared to 80% in Q4 2009 and 55% in Q3 2009.
Following the increased number of awarded contracts to SeaBird in the 2D/3D segment and mobilization of all vessels back to work during Q4 2009, utilization of the 2 D/3D vessels in Q1 2010 was 74 %. While Harrier Explorer, Northern Explorer, Hawk Explorer, Aquila Explorer and Osprey Explorer achieved utilization between 72% and 100%, Munin Explorer and Geo Mariner (shallow water 3D) had utilization of 50% and 44% respectively due to Munin Explorer being idle from 18 February to 9 April 2010, and Geo Mariner from 15 February 2010. SeaBird is expecting a new contract for Geo Mariner shortly.
SeaBird's 2D vessels have a satisfactory backlog at the start of Q2 2010 with one vessel on time charter to September 2011, 3 vessels are on contract or committed through most of Q3 this year, while 2 of the vessels are on contract or committed to June - July 2010. Rate levels are remaining low in the 2D market despite increased volume of work, with expected slow but steady improvement through 2nd half of 2010. SeaBird is well positioned to take advantage of increased opportunities with its high quality 2D vessels.
The Ocean Bottom Node with the Hugin Explorer commenced its Nigerian operation end of November 2009. The survey has progressed very satisfactorily and the contract is due to complete last part of April, about one month ahead of schedule. SeaBird is in the final stage of negotiating a new contract, and believes this can be concluded in time for direct continuation of the present OBN contract. Both Hugin Explorer deploying, retrieving and maintaining the nodes and the accompanying Source vessel Kondor Explorer has performed continuously throughout Q1 with minimum downtime and high efficiency.
SeaBird is actively pursuing further employments for the OBN operation with Hugin Explorer and Kondor Explorer from August/September 2010, following the completion of the expected upcoming contract.
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.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)