SeaBird - 2D Contracts awarded
(Thomson Reuters ONE) -
26 February, 2010. Cyprus:
SeaBird Exploration Limited ('SeaBird' or 'SBX') is pleased to provide a
contracts update regarding some of its business activities as set out below;
Continuing a successful series of projects in Australia that began late October
2009, the Aquila Explorer has entered into a contract with the State of Victoria
through the Department of Primary Industries for the acquisition of
approximately 7,400 km 2D marine seismic data within the Southern Flanks of the
Offshore Gippsland Basin, South-eastern Australia, and covering the 2009
released Greenhouse Gas Storage blocks (Gipps-01 to Gipps-03). The project
commenced on February 21(st) and is expected to be completed within two months.
The vessel will then return to South-east Asia where she has been awarded
contracts to undertake approximately 4,000 km of 2D acquisition over two areas
in the Song Hong Basin.
The combined value of the firm work listed above is estimated to be in the range
of about USD 6 million and provides the vessel with employment for the next 4
months. CEO Tim Isden comments "SeaBird is delighted to be associated with the
Victorian Government for this project and looks forward to further consolidating
its position as a leading provider of seismic services in the region."
The Munin Explorer has been awarded a contract in the North Sea as a source
vessel commencing 1(st) June for 2 months, with the client option to extend for
a further 3 to 4 months. The initial award period, including Mob and Demob will
generate about USD 4.1 million, with client paying fuel cost.
The Osprey Explorer is contracted to work from completion of her current survey
end February in direct continuation until approximately end March in East India.
This additional survey of approximately 3,000 km will generate in the region of
USD 1.7 million, with client paying fuel cost.
A Letter of Award has been received for a survey in East Africa of approximately
5,000 km commencing mid to late April. The vessel to perform this contract will
most likely be the Osprey Explorer. This contract will generate in the region of
USD 4.7 million inclusive of fuel cost.
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 in4C/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#1388873]
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Datum: 26.02.2010 - 02:31 Uhr
Sprache: Deutsch
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