14 April, 2010. Cyprus:
SeaBird Exploration Limited ('SeaBird' or 'SBX') is pleased to provide a contract update regarding its business activities as set out below;
Further continuing a successful series of surveys in the Far East and Australia that began late October 2009, the Aquila Explorer has been awarded two further surveys in South East Asia and one in Australia with a combined total of approximately 4,500 km. The surveys will commence after completion of her current survey for the Victorian Government and her previously reported next survey in South-east Asia. After these new surveys are completed this positions the vessel back in Australia at the beginning of Q4 after her scheduled dry-docking in September, continues her employment through October 2010 and contributes about USD 3 million additional revenue to that previously reported.
A Letter of Intent has been signed for the Geo Mariner to commence a 3D survey of approximately 350 sqkm in West Africa commencing mid April after having been idle for part of Q1. This survey will generate about USD 5 million and employ the vessel through mid to end July 2010.
The Northern Explorer has been awarded a contract of 15,500 km in continuation of her current survey schedule in Indonesia. This survey will generate about USD 9 million and commence immediately after her scheduled dry-docking in Q2, employing the vessel through to approximately end October 2010.
SBX can confirm now that the vessel to carry out the previously awarded and reported survey in East Africa of approximately 5,000 km commencing mid to late April will be the Osprey Explorer and employ the vessel through end May 2010.
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 Limited (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)