Cyprus, 6 February 2012.
SeaBird Exploration PLC ("SeaBird" or the "Company") is pleased to announce that Mr Dag Reynolds has been appointed as new Chief Executive Officer of SeaBird. Mr Reynolds will assume the position with the Company with effect no later than 1 May.
The current CEO Mr Tim Isden will be stepping down from his position with effect from 6 February 2012 and will be leaving the Company shortly. Mr Jan-Eivind Fondal, previously a member of the Board of Directors of the Company, will assume the position as interim CEO from 6 February 2012 and until Mr Reynolds assumes the position.
Mr Reynolds comes from the position as executive vice president of EMGS. He was the CEO of SeaBird Exploration PLC from 2005 to 2007, and has 20 years of experience from the oil and oil services industry.
Chairman of the Board, Mr Henrik Christensen, comments: "The Board of Directors of SeaBird is pleased to announce the appointment of Dag Reynolds as the Company's new Chief Executive Officer. Mr Reynolds combines an outstanding track record in the industry with in-depth knowledge of the Company. This is a set of competencies we believe will be highly valuable in the Company's continued efforts to reposition itself as a high end operator in the seismic market. The Board of Directors takes the opportunity to thank Mr Isden for his valuable services to the Company for many years."
For further queries, please contact
Henrik Christensen, SeaBird Exploration PLC Chairman
+47 909 67 683
SeaBird is a global provider of 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.