23rd August 2011. Cyprus
SeaBird Exploration PLC ("SeaBird" or "SBX") is very pleased to announce through its wholly owned subsidiary SeaBird Exploration FZ LLC the receipt of a Notification of Award (NOA) from Oil and Natural Gas Corporation Ltd of India (ONGC) for a 4C-3D Seismic API Pilot Project in Mumbai High Field. This is an official notification that SBX has been awarded Tender No Y16KC10017 and consequently the Hugin Explorer and Munin Explorer will mobilize from the Norwegian North Sea immediately following the conclusion of the current ExxonMobil contract expected to be around 10th September 2011.
This is a most prestigious contract award for SBX - as well as being the eighth contract award since operations started - and a highly important survey for ONGC as the data to be acquired is necessary for the planned optimal placement of two development wells from the upcoming platforms within the survey area by June 2012. ONGC has requested start up as soon as possible and SBX estimation for commencement on survey site is around mid October 2011.
The total number of node stations deployed will be in excess of 2,300 at 200 meter spacing, and data acquisition will be carried out in two swaths by rolling phases of approximately 760 nodes each. The technical expertise and track record of SBX in previous surveys has been an important element of the choice of contractor by ONGC, and furthermore this contract is another important step forward in the developing OBN market sector as it covers processing and interpretation for both pressure and converted (shear) wave data.
Value of the contract is USD 40 million and duration is estimated to be about 110 days including mobilization from North Sea.
For further queries contact:
CEO SeaBird Exploration
Phone: + 971 504 539075
CFO SeaBird Exploration
Phone: + 47 902 77268
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.