15 June, 2010. Cyprus:
SeaBird Exploration Plc ('SeaBird' or 'SBX') is pleased to provide an update on
awarded contracts and some general operational update of its business activities
as set out below;
Osprey Explorer has been awarded a firm contract for 7,000 kilometres in East
Africa with LOA's for a further 10,000 kilometres conditional upon final
contract terms and execution.
Three of our 2D vessels are now engaged on contracts through to November 2010.
This refers to, Northern Explorer, Osprey Explorer, and Aquila Explorer. Munin
Explorer is contracted to mid September 2010, while Harrier Explorer is
continuing on a long term charter to PGS to August 2011. The Geo Mariner, our
3D shallow water vessel, is employed through August 2010, with good prospects of
continued work in West Africa.
Hawk Explorer is presently working in Gulf of Mexico as source vessel for CGG
Veritas. This engagement is not expected to be extended beyond end of June due
to the impact of the recent oil spill, and SeaBird is pursuing several
alternatives for this vessel in West Africa and elsewhere.
The OBN operation in North Sea with Hugin Explorer and Kondor Explorer is
progressing as planned with 625 of 750 total Nodes deployed and to date 30% of
the shooting program completed. Pending weather conditions the survey is
expected to be completed early August 2010. SeaBird is actively pursuing
alternative engagements and expects that follow-up employment can be secured.
SeaBird believes strongly in a future increasing demand by oil companies to
monitor the reservoir development for deep water fields during the production
phase through high quality repeat (4D/4C) seismic data acquisition. In deep
water, congested seabed and surface areas the OBN technology is the preferred
and in some cases the only alternative to obtain the seismic data quality
required for optimizing on production and life of field. SeaBird is the lead
provider of this challenging and operationally sensitive technology. Based on
the expected strong increase in demand and the successful performance of Hugin
Explorer and Kondor Explorer combined with the high quality data delivered on
the last three surveys since last summer, SeaBird is progressing its preparation
for the investment in the second OBN operation through pre-engineering studies
of vessel and equipment adaption as well as node technology upgrades.
For further queries contact:
Tim Isden
CEO SeaBird Exploration
Phone: + 971 504 539075
Kai Solberg-Hansen
CFO SeaBird Exploration
Phone: + 47 920 51455
SeaBird Exploration Plc (Cyprus) `SeaBird` is a global provider of marine 2D and
3D seismic data, solutions for seabed acquisition of 4C/4D multimode seismic,
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, in the shallow water 2D/3D market and in 4C/4D multimode seismic
by nodal seabed acquisition. Main focus for the company is proprietary seismic
surveys (contract seismic). SeaBird does not have a multi-client data library.
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. SeaBird is listed on the Oslo Stock
Exchange (Ticker: SBX) and currently has nine vessels in its global operational
fleet.
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 acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1423895]
