17 August 2012, Limassol, Cyprus:
SeaBird Exploration PLC ("SeaBird" or "SBX") is pleased to announce an expansion of the existing Frame Agreement with Spectrum ASA ("SPU") for the acquisition of 2D seismic data. The previous agreement was that SPU committed to acquire 2D data for a minimum value of USD 23 million over a period of 36 months with commencement 20 May 2011.
SPU and SBX have today agreed to enter into a new agreement in which SPU agrees to acquire 2D data for a minimum value of USD 30 million over 48 months, commencing upon fulfillment of the USD 23 million in the initial contract. This is estimated to be in September 2012. The pricing of the 2D data has been adjusted as a result of increasing market rates in the 2D market.
For further queries contact:
CEO SeaBird Exploration
Phone: +47 90883737
CFO SeaBird Exploration
Phone: +971 4 427 1700
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 specializes 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. 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.