| January 25, 2011. Cyprus: |
SeaBird Exploration PLC ("SeaBird" or "SBX") is pleased to announce through its wholly owned subsidiary SeaBird Exploration FZLLC the execution of a second contract with Chevron North Sea Limited (on behalf of itself and the other Rosebank partners: Statoil (U.K.) Ltd., OMV (U.K.) Ltd., and DONG E&P (U.K.) Ltd) for the next stage of the acquisition of the ocean bottom node seismic survey West of Shetland at approximately 1,200m water depth. The purpose of this full azimuth 4C-3D node survey is to acquire multi-component data for improved reservoir imaging and characterization. The survey will be conducted with the two survey vessels Hugin Explorer and Munin Explorer. Hugin Explorer will cover a node survey area with approximately 1200 node positions using SeaBird's proprietary autonomous CASE Abyss nodes. The source vessel Munin Explorer is planned to execute a full azimuth dense shooting program of 350 square kilometers over a period of four months. The survey will start beginning of May 2011 and mobilization will commence one month prior.
In the meantime SBX is actively pursuing employment for the vessel in the interim period.
For further queries contact:
CEO SeaBird Exploration
Phone: + 971 504 539075
CFO SeaBird Exploration
Phone: + 47 920 51455
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SeaBird Exploration PLC "SeaBird" is a global provider of marine solutions for seabed acquisition of 4C/4D multimode seismic data with OBN operations, marine 2D and 3D seismic data, , 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). 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.