Cyprus, 10 June 2011
SeaBird Exploration PLC ("SeaBird" or "SBX") is pleased to inform the following new 2D contracts awarded.
The Osprey Explorer has been awarded an LOI by an oil supermajor for a 2D survey between 8,000 and 11,000 kilometres in South America. The vessel will mobilize after her current commitment in the GOM and commence the survey from September to December 2011.
The GGS Atlantic will be mobilizing from the GOM to Barents Sea for a multi-client survey commencing July for 8,600 kilometres employing the vessel until mid October 2011. Management expects cost recovery during 2011 and with potential uplift following sales of survey data in H1 2012.
The combined contract values for these two contracts are approximately USD 10 million with a potential of USD 12 million based on expected MC sales.
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.