19 May, 2009. Cyprus: SeaBird Exploration Limited ('SeaBird' or 'SBX') has been awarded a contract with TGS-Nopec ASA for the Aquila Explorer to work off Indonesia in direct continuation from her last survey. The contract is for approximately 3,000 km and will employ the vessel until end second quarter 2009 including mobilization and demobilization.
SeaBird has also won a tender and award from an oil company for the Aquila Explorer to work offshore Western Australia with an expected duration of 2 months including mobilization and demobilization with commencement in fourth quarter 2009.
With the Aquila contract award in addition to the contract announced on 8 May 2009 for Munin Explorer with Fugro Data Services, SeaBird Exploration expects a much improved vessel utilization in the second quarter compared with first quarter 2009.
For further queries contact:
Tim Isden
CEO SeaBird Exploration
Phone: + 971 504 539075
Kai Solberg-Hansen
CFO SeaBird Exploration
Phone: + 47 920 51455
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SeaBird Exploration Limited (BVI) `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, as well as in the shallow water 2D/3D market. 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.
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.