9 July 2010. Cyprus: SeaBird Exploration PLC (`SeaBird` or `SBX`):
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 Q2 2010 was 76%, the same as for Q1 2010.
The utilization of the 2 D/3D vessels in Q2 2010 was 71 %. The 2D vessels Harrier Explorer, Hawk Explorer, Munin Explorer Aquila Explorer and Osprey Explorer achieved utilization between 71% and 94%, with an average of 86%. Northern Explorer stayed about 7 weeks at a yard for dry docking and classification, thus utilization for the quarter was 32%. The Geo Mariner (shallow water 3D) had utilization of 41% due to idle time prior to starting her current contracts.
The SeaBird's 2D vessels have a satisfactory backlog in these market conditions at the start of Q3 2010 with one vessel Harrier Explorer on time charter to September 2011, whilst Osprey Explorer and Northern Explorer are committed to mid Q4. Geo Mariner is currently negotiating a follow-on contract through to October. Hawk Explorer is coming off time charter in mid July, with no contract confirmed yet. She will be relocated from Gulf of Mexico to West Africa or Europe, and cost savings will be instigated should no contract materialize in the near term.
The Ocean Bottom Node operations have continued successfully with the North Sea Rosebank survey for Chevron. The survey is now in the second phase with node recovery just commencing whilst shooting is at approximately 65% of total survey shots. Both Hugin Explorer deploying, retrieving and maintaining the nodes and the accompanying source vessel Kondor Explorer have continued to perform throughout Q2 with minimum downtime and high efficiency.
SeaBird is actively negotiating further employments for the OBN operation with Hugin Explorer and Munin Explorer as source vessel from August/September 2010, following the completion of the expected upcoming contract. The Kondor Explorer is due for a classification and docking in Q4 of approximately 4 weeks and will not be used as source vessel for Hugin Explorer in the next expected OBN 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 PLC (Cyprus) `SeaBird` is a global provider of marine 2D and 3D seismic data, solutions for OBN 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)