SBX - Vessel Utilization 1st Quarter 2011
(Thomson Reuters ONE) -
11 April 2011.
Cyprus: SeaBird Exploration PLC ("SeaBird" or "SBX"):
Vessel utilization is defined as the percentage of the full quarter where the
vessel is in paid work either in the form of acquisition, mobilization,
demobilization, steaming, standby or other.
The vessel utilization for all vessels operated by SeaBird for Q1 2011 was 49%
(Q4 2010: 51%).
Following the completion of the Ocean Bottom Node ("OBN") contract for Shell
Nigeria Exploration and Production Co with Hugin Explorer and Munin Explorer as
source vessel end of November 2010, both vessels were in standby mode in Ghana
until 23 February 2011, when the vessels were mobilized for the Rosebank Survey
west of Shetland for Chevron North Sea Limited as operator, due to start 13
April 2011. Both vessels have carried out classification and dry-docking at a
yard in Denmark during this mobilisation period. The utilization for the two
vessels in Q1 2011 was 23% (as paid mobilization), compared to 61% in Q4.
SeaBird has been confirmed in 1(st) place for an OBN tender whereby an award is
expected shortly which will most likely give a continued program following
completion of the Rosebank survey. Management is also actively pursuing further
work, and see an increase in work opportunities coming up for various OBN
surveys through 2011 and into 2012, based on tender invitations and budgetary
requests received.
Utilization for the 2D/3D vessels in Q1 2011 was 57% (Q4 2010:49%). The
utilization has improved considerably during the first quarter from only three
vessels on contract in the beginning of the year to all 2D vessels (except Geo
Mariner) being on contract and generating revenue by the end of Q1 2011.
Aquila Explorer has had 84% utilization in Q1, and is employed to mid April,
with several tenders being pursued. Harrier Explorer has achieved 99%
utilization, Northern Explorer 87%, Osprey Explorer 60%, Hawk Explorer 15%, and
Geo Mariner 0% during Q1 due to strategic positioning from Africa to Far East,
but is scheduled to start working mid April 2011. Updated contract award details
for our 2D/3D fleet were informed in press releases dated 4 February and 6 April
2011.
SeaBird has excluded Kondor Explorer (pure source vessel) from the statistics
above due to its long lasting lay-up status from August 2010. This vessel is
still under SeaBird control but at an insignificant cost to SeaBird and a high
probability of the vessel being handed back to its owners in January 2012
For further queries contact:
Tim Isden
CEO SeaBird Exploration
Phone: +971 504 539075
Kai Solberg-Hansen
CFO SeaBird Exploration
Phone: +47 920 51 455
SeaBird Exploration PLC is a global provider of marine solutions for seabed
acquisition of 3D/4C/4D multimode seismic data with OBN operations, marine 2D
and 3D 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 water 2D/3D 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.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: SeaBird Exploration Ltd. via Thomson Reuters ONE
[HUG#1504982]
Unternehmensinformation / Kurzprofil:
Datum: 11.04.2011 - 08:30 Uhr
Sprache: Deutsch
News-ID 53357
Anzahl Zeichen: 5081
contact information:
Town:
Oslo
Kategorie:
Business News
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