11 April 2011.
Cyprus: SeaBird Exploration PLC ("SeaBird" or "SBX"):
Vessel utilization is defined as the percentage of the full quarter where the vessel is in paid work either in the form of acquisition, mobilization, demobilization, steaming, standby or other.
The vessel utilization for all vessels operated by SeaBird for Q1 2011 was 49% (Q4 2010: 51%).
Following the completion of the Ocean Bottom Node ("OBN") contract for Shell Nigeria Exploration and Production Co with Hugin Explorer and Munin Explorer as source vessel end of November 2010, both vessels were in standby mode in Ghana until 23 February 2011, when the vessels were mobilized for the Rosebank Survey west of Shetland for Chevron North Sea Limited as operator, due to start 13 April 2011. Both vessels have carried out classification and dry-docking at a yard in Denmark during this mobilisation period. The utilization for the two vessels in Q1 2011 was 23% (as paid mobilization), compared to 61% in Q4.
SeaBird has been confirmed in 1st place for an OBN tender whereby an award is expected shortly which will most likely give a continued program following completion of the Rosebank survey. Management is also actively pursuing further work, and see an increase in work opportunities coming up for various OBN surveys through 2011 and into 2012, based on tender invitations and budgetary requests received.
Utilization for the 2D/3D vessels in Q1 2011 was 57% (Q4 2010:49%). The utilization has improved considerably during the first quarter from only three vessels on contract in the beginning of the year to all 2D vessels (except Geo Mariner) being on contract and generating revenue by the end of Q1 2011.
Aquila Explorer has had 84% utilization in Q1, and is employed to mid April, with several tenders being pursued. Harrier Explorer has achieved 99% utilization, Northern Explorer 87%, Osprey Explorer 60%, Hawk Explorer 15%, and Geo Mariner 0% during Q1 due to strategic positioning from Africa to Far East, but is scheduled to start working mid April 2011. Updated contract award details for our 2D/3D fleet were informed in press releases dated 4 February and 6 April 2011.
SeaBird has excluded Kondor Explorer (pure source vessel) from the statistics above due to its long lasting lay-up status from August 2010. This vessel is still under SeaBird control but at an insignificant cost to SeaBird and a high probability of the vessel being handed back to its owners in January 2012
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 acc. to §5-12 vphl (Norwegian Securities Trading Act)