23 November 2010. Cyprus; SeaBird Exploration PLC ("SeaBird" or "SBX")
OCEAN BOTTOM NODE OPERATION:
SeaBird successfully completed the OBN contract for Shell Nigeria Exploration and Production and demobilized the Hugin Explorer and Munin Explorer back to Lagos end last week. SeaBird is presently in dialog with an oil company for a potential new survey in West Africa, and is hopeful that a positive conclusion can be reached within a few days. This could potentially lead to continued OBN engagement with only a limited time of standby in between.
During this standby period, Munin Explorer will assist as source vessel for a separate contractor's platform undershoot program which will generate revenue on a 10 days assignment in the area.
Management is also actively pursuing another possible contract that could result in not more than a few weeks off-hire for the OBN operation. Furthermore SeaBird expects an increase in work opportunities coming up for various OBN surveys in the 1st and 2nd quarter of 2011. This is based on a comfortable number of tender invitations and budgetary requests received over the last couple of months, which it is anticipated will lead to a high utilization of our OBN operation in 2011.
2D AND SOURCE CONTRACTS
In addition to the source contract as mentioned for Munin Explorer above, the current contract for the Aquila has been extended to 2nd half December, and in addition a letter of intent has been received for Aquila Explorer to work as Source vessel offshore Australia for 2-3 weeks in direct continuation, which will keep the vessel continuously employed to early January 2010.
Northern Explorer has been committed to a 3-4 weeks 2d survey in Indonesia in direct continuation from the present contract, keeping the vessel busy to end of December 2010.
For further queries contact:
CEO SeaBird Exploration
Phone: +971 504 539075
CFO SeaBird Exploration
Phone: +47 920 51 455
- - -
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)