20 November 2014, Limassol, Cyprus
SeaBird Exploration Plc ("SeaBird") is pleased to announce that the company has received a Letter of Award (LOA) from TGS-NOPEC Geophysical Company ("TGS") to acquire up to 300,000 km of 2D seismic data in Mexico and US Atlantic. The LOA provides TGS access to charter up to six seismic vessels from SeaBird over a period of approximately 36 months, and is estimated to commence 1H 2015, subject to issuance of permits to TGS.
This announcement is further to a Letter of Intent issued 1st April 2014 for Mexico and announced 2nd April 2014.
The survey will cover a minimum of 150,000 km and up to 300,000 km in one or more of the areas, Mexico and US Atlantic waters, and will have an estimated value between USD88 million (minimum program) and USD176 million (full 300,000 km).
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.
With reference to the announcement on 1 October 2014 on the company's refinance efforts; pending further clarification, SeaBird has requested that Oslo Børs maintains suspension of its shares and SBX03 bonds.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
For further queries contact:
CEO SeaBird Exploration
Phone: +47 90883737
CFO SeaBird Exploration
Phone: +971 4 427 1700