SeaBird - 2D/3D Contract Update
(Thomson Reuters ONE) -
Cyprus, 4 July 2011
SeaBird Exploration PLC ("SeaBird" or "SBX") is pleased to provide a contract
update regarding its business activities as set out below;
After completing half of her multi client survey in the Gulf of Mexico mid
April, Osprey Explorer, will from mid July continue her multi-client survey
following dry dock and standby waiting on environmental and other governmental
approvals. This survey will be completed end August. Management expects cost
recovery during the survey period including standby time with potential uplift
following sales of survey data in the second half of 2011. She will then
immediately mobilize for her previously reported survey in South America until
early December 2011.
After completion of her current survey in South Africa around mid July, Northern
Explorer will immediately mobilize for West Africa following an award for a
survey with expected completion end September 2011 and thereafter commence a
short survey through to end October.
SeaBird has received Letter of Awards for 2 further contracts for 2D/3D surveys
in Far East, with expected completion January 2012.
These contracts have a combined value of about US$ 25-30 million.
I addition the harrier Explorer is continuing on her long term charter with PGS
to mid September 2011.
CEO, Tim Isden, comments "We are encouraged by the increase in volume and
continuity in the 2D and low end 3D market. In addition we experience slightly
firmer rates. SeaBird has a high quality fleet and an excellent reputation with
clients, and this brings a higher expectation of awards. To date in 2011,
SeaBird has reported contracts worth around US$ 70 million with potential MC
sales uplift above that figure."
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 "SeaBird" 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 pursuant to section
5-12 of the 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#1528066]
Unternehmensinformation / Kurzprofil:
Datum: 04.07.2011 - 09:06 Uhr
Sprache: Deutsch
News-ID 56089
Anzahl Zeichen: 4240
contact information:
Town:
Oslo
Kategorie:
Business News
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