Cyprus, 6 April 2011
SeaBird Exploration PLC ('SeaBird' or 'SBX') is pleased to inform the following new contracts awarded in the 2D and 3D shallow water as set out below;
Hawk Explorer has been awarded a short survey in direct continuation from the current employment in West Africa where the vessel will be employed until end May / early June 2011.
Northern Explorer is currently carrying out a survey in East Africa with expected completion mid May 2011, and has now been awarded a further contract in South Africa where she will be employed until mid to end July 2011.
Geo Mariner is mobilising to South East Asia with arrival mid April, and has been awarded a 2D contract for one month survey with client option to extend for a further month together with an option for a further 3D survey. This will keep the vessel busy to mid June, and with the option to end of July.
These contracts have a combined value of approximately US$ 7-9 million and represent approximately 6 vessel-months utilization including mobilization time and including the option on Geo Mariner.
With these awards and the general improvement in the tender activity SeaBird believes that the 2D activity will increase going forward resulting in a much improved utilization for our 2D fleet compared to 2nd half of 2010. Rate levels are however still low but on profitable EBITDA levels.
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.