Cyprus, 4 August 2011
SeaBird Exploration PLC ("SeaBird" or "SBX") is pleased to provide a contract update regarding its business activities as set out below;
Immediately following completion of the Rosebank second stage survey for Chevron North Sea Limited and Partners expected mid August, a contract has been signed for the Hugin Explorer and Munin Explorer to carry out a 4C NODE survey of approximately two to three weeks duration in the Norwegian Sea for ExxonMobil Exploration and Production Norway AS as the PL596 operator. This is a pilot survey utilizing the SeaBird's proprietary NODE operation and data acquisition technology to characterize sub-basalt structures which are difficult to image with other seismic technologies. The data acquired will remain in the ownership of SeaBird for 10 years, together with show rights.
The approximate value of this contract is US$3.6m, with additional revenue potential from farm-in rights and/or for buyout of data ownership.
ExxonMobil Exploration & Production Norway AS 35%
E.ON Ruhrgas Norge AS 20%
Bayerngas Norge AS 15%
RWE Dea Norge As 15%
Spring Energy Norway AS 15%
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)