Cyprus, 5 April 2011
SeaBird Exploration PLC ("SeaBird" or "SBX") is pleased to announce that an agreement has been reached with Chevron North Sea Limited (on behalf of itself and the other Rosebank co-venturers: Statoil (U.K.) Ltd., OMV (U.K.) Ltd., and DONG E&P (U.K.) Ltd) related to the earlier announced award of the Rosebank 2 survey. SeaBird has been granted the option to start the 2nd stage of the Ocean Bottom Node survey at the Rosebank field with the Hugin Explorer as Node vessel and Munin Explorer as source vessel earlier than the initial agreed start date. Hugin Explorer has just completed classification work at a yard in Denmark, and is presently mobilizing to the Rosebank Field.
Estimated start-up is 13-15 April, which is about 3 weeks ahead of the earlier agreed start date of around 5 May 2011. This will potentially improve SeaBird's revenue in Q2 2011.
For further queries contact:
CEO SeaBird Exploration
Phone: +971 504 539075
CFO SeaBird Exploration
Phone: +47 920 51 455
SeaBird Exploration PLC 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.