Cyprus: SeaBird Wins Survey Contracts

Cyprus SeaBird Wins Survey Contracts

SeaBird Exploration Plc (“SeaBird”) announced that Voyager Explorer has received a letter of award from an oil company in South East Asia. The contract value is approximately USD 7.5 million and contract duration is estimated to 50 days. The Voyager Explorer has mobilized from East Africa and work will commence early September.

The Northern Explorer will start a joint multi-client survey with Spectrum ASA in Sub-Saharan Africa. This survey is a joint project, and not covered by the recently signed Global Framework Agreement. Project duration is estimated to 30 days.

SeaBird is a global provider of marine acquisition for 2D/3D and 4D seismic data, 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/deep water 2D/3D and 4D market. Main focus for the company is proprietary seismic surveys (contract seismic). 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.

Press Release, September 03, 2012; Image: sbexp

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