SeaBird - 2D Contracts awarded
(Thomson Reuters ONE) - 5 October, 2009. Cyprus:SeaBird Exploration Limited ('SeaBird' or 'SBX') has by the end oflast week been presented with six Letters of Intent, Letters ofAward, and Firm contracts as set out below;A Firm contract for Munin Explorer to operate in Mexico as a sourcevessel commencing December 2009. Duration including mobilization anddemobilization is expected to be two months. Contract value is in theregion of USD 2.8 million. Negotiations are ongoing for an interimcontract for the period between arrival Gulf of Mexico in October andcommencement of the Mexico work.A Letter of Award for Northern Explorer starting October 2009 for1,000 km 2D in North Java followed by a Letter of Award for 13,200 km2D in Indonesia for a consortium of oil companies. This secondIndonesia contract carries contingent options for the work to beexpanded to 20,612 km 2D. Duration of these two contracts is expectedto be 5-7 months and combined values are in the region of USD 10-15million.A Letter of Award for Aquila Explorer starting October 2009 inIndonesia and then mobilizing to Australia for a Firm contract 3,800km 2D survey in Western Australia prior to commencing a previouslyreported firm contract of 4,500 km 2D in Bremer Basin, SouthwesternAustralia, due to commence December 2009. Following completion inBremer Basin, Aquila Explorer has received a Letter of Intent for afurther 2,200 km 2D in Australia, occupying the vessel until endFebruary 2010. Combined values of these four contracts are currentlyin the region of USD 5.0-7.5 million.The combined value of the firm work listed above is estimated to bein the range of about USD 20 million and provides our 2D fleet withemployment for the next 4-6 months.CEO Tim Isden comments "We are very pleased to see that the volume of2D bids and tenders has steadily increased over the last months, butmore importantly that awards are now being made after the slowprogress through the spring and summer of 2009"For further queries contact:Tim IsdenCEO SeaBird ExplorationPhone: + 971 504 539075Kai Solberg-HansenCFO SeaBird ExplorationPhone: + 47 920 51455- - -SeaBird Exploration Limited (BVI) `SeaBird` is a global provider ofmarine 2D and 3D seismic data, solutions for seabed acquisition of4C/4D multimode seismic, and associated products and services to theoil and gas industry. SeaBird specializes in high quality operationswithin the high end of the source vessel and 2D market, as well as inthe shallow water 2D/3D market. Main focus for the company isproprietary seismic surveys (contract seismic). SeaBird does not havea multi-client data library. Main success criteria for the companyare an unrelenting focus on Health, Safety, Security, Environment andQuality (HSSEQ), combined with efficient collection of high qualityseismic data.All statements in this press release other than statements ofhistorical fact are forward-looking statements and are subject to anumber of risks, uncertainties and assumptions that are difficult topredict, and are based upon assumptions as to future events that maynot prove accurate. These factors include SeaBird`s reliance on acyclical industry and the utilization of the company's vessels.Actual results may differ substantially from those expected orprojected in the forward-looking statements.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 05.10.2009 - 08:54 Uhr
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