15 June, 2010. Cyprus:
SeaBird Exploration Plc ('SeaBird' or 'SBX') is pleased to provide an update on awarded contracts and some general operational update of its business activities as set out below;
Osprey Explorer has been awarded a firm contract for 7,000 kilometres in East Africa with LOA's for a further 10,000 kilometres conditional upon final contract terms and execution.
Three of our 2D vessels are now engaged on contracts through to November 2010. This refers to, Northern Explorer, Osprey Explorer, and Aquila Explorer. Munin Explorer is contracted to mid September 2010, while Harrier Explorer is continuing on a long term charter to PGS to August 2011. The Geo Mariner, our 3D shallow water vessel, is employed through August 2010, with good prospects of continued work in West Africa.
Hawk Explorer is presently working in Gulf of Mexico as source vessel for CGG Veritas. This engagement is not expected to be extended beyond end of June due to the impact of the recent oil spill, and SeaBird is pursuing several alternatives for this vessel in West Africa and elsewhere.
The OBN operation in North Sea with Hugin Explorer and Kondor Explorer is progressing as planned with 625 of 750 total Nodes deployed and to date 30% of the shooting program completed. Pending weather conditions the survey is expected to be completed early August 2010. SeaBird is actively pursuing alternative engagements and expects that follow-up employment can be secured.
SeaBird believes strongly in a future increasing demand by oil companies to monitor the reservoir development for deep water fields during the production phase through high quality repeat (4D/4C) seismic data acquisition. In deep water, congested seabed and surface areas the OBN technology is the preferred and in some cases the only alternative to obtain the seismic data quality required for optimizing on production and life of field. SeaBird is the lead provider of this challenging and operationally sensitive technology. Based on the expected strong increase in demand and the successful performance of Hugin Explorer and Kondor Explorer combined with the high quality data delivered on the last three surveys since last summer, SeaBird is progressing its preparation for the investment in the second OBN operation through pre-engineering studies of vessel and equipment adaption as well as node technology upgrades.
For further queries contact:
CEO SeaBird Exploration
Phone: + 971 504 539075
CFO SeaBird Exploration
Phone: + 47 920 51455
SeaBird Exploration Plc (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)