Cyprus, 4 February 2011
SeaBird Exploration Limited ('SeaBird' or 'SBX') is pleased to provide a contract update regarding its business activities in the 2D and 3D shallow water as set out below;
Following completion of a survey in Indonesia next week, Aquila Explorer has been awarded one contract and received a letter of intent for a further survey in direct continuation of the above contract and is currently mobilizing for New Zealand. These surveys will keep the vessel employed until mid to end April 2011.
After being idle in Las Palmas since Q3 2010, Hawk Explorer will be mobilizing for West Africa where she will be employed from mid February until mid May 2011.
After completing her survey in Indonesia and idle during January, Northern Explorer is currently mobilizing for East Africa following signing of a contract for a survey commencing mid February with expected completion mid May 2011.
Osprey Explorer has completed her survey in Bahamas and is now mobilizing for US Gulf where she will commence a multi-client survey mid February until end May 2011. Management expects cost recovery during the survey period with potential uplift following sales of survey data in late H1-11 and H2-11.
These contracts have a combined value of approximately US$ 20 million and represent approximately 11 vessel-months utilization including mobilization time.
Geo Mariner will be transiting to South East Asia where management expects work to materialize in Q2-2011.
SeaBird sees some increased activity gradually improving the utilization through Q1 2011 and beyond for its 2D fleet. This is in line with the expectations generally for the 2D/3D seismic market.
For further queries contact:
CEO SeaBird Exploration
Phone: +971 504 539075
CFO SeaBird Exploration
Phone: +47 920 51 455
SeaBird Exploration PLC "SeaBird" is a global provider of marine solutions for seabed acquisition of 3D/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.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.