Cyprus, 25 April 2012
SeaBird Exploration PLC ('SeaBird' or 'SBX') has been awarded a contract in excess of USD 5.5 million in East Africa for the Northern Explorer by a Multi-Client company. The contract will commence in direct continuation of her current contract with Spectrum ASA, and has an estimated duration of 60 days with an optional extension estimated to about 40 days and a value of about USD 4 million.
For further queries contact:
CEO SeaBird Exploration
Phone: +47 90883737
CFO SeaBird Exploration
Phone: +971 504506353
SeaBird is a global provider of marine acquisition for 2D/3D and 4D seismic data, and associated products and services to the oil and gas industry. SeaBird specialises in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow/deep water 2D/3D and 4D 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. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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.