SeaBird Enters 2D Seismic Acquisition Agreement with SPU (UK)

SeaBird Enters 2D Seismic Acquisition Agreement with SPU (UK)

SeaBird Exploration PLC announced an expansion of the existing Frame Agreement with Spectrum ASA (“SPU”) for the acquisition of 2D seismic data. The previous agreement was that SPU committed to acquire 2D data for a minimum value of USD 23 million over a period of 36 months with commencement 20 May 2011.

SPU and SBX have today agreed to enter into a new agreement in which SPU agrees to acquire 2D data for a minimum value of USD 30 million over 48 months, commencing upon fulfillment of the USD 23 million in the initial contract. This is estimated to be in September 2012. The pricing of the 2D data has been adjusted as a result of increasing market rates in the 2D market.

Press Release, August 17, 2012; Image: SeaBird

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As Europe strives to meet its 2020 renewable targets the need for infrastructure increases and the integration of renewable energy into the European grid along with the necessity for trade is of huge importance. HVDC offshore cables are a vital investment; both of time and money, and any challenges arising could result in operational and financial losses. An insight on how to efficiently cope with the changes and keeping up with market trends is needed.

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