SeaBird - More 2D contracts awarded
(Thomson Reuters ONE) - 21 October, 2009. Cyprus:SeaBird Exploration Limited ('SeaBird' or 'SBX') is pleased toannounce three more contracts awarded this week in addition to thesix contracts announced on 5 October 2009. These new contracts are:A Time Charter contract for a minimum of 4 months as source vessel inUS Gulf of Mexico. The contract value for the minimum duration is inthe region of USD 6 million. SeaBird has decided to reactivate theOsprey Explorer for this contract. The vessel has been cold stackedin Labuan, Indonesia since June 2009.Through this award SeaBird will have all vessels on contract orcommitted for work.Geo Mariner has been issued an LOA for a 3D Seismic contract in WestAfrica with a value of about USD 3 million in direct continuation ofwork recently completed near the Seychelles.In our press release dated 5 October regarding Munin Explorer, weinformed about a potential interim contract between now and the startof the source contract in Mexico from beginning of December 2009.This contract is now in place at a value of USD 1.5 million inrevenue and a potential USD 1.8m in uplift from sales, and will keepthe vessel in continued operation.These contract awards are increasing the firm backlog value for our2D/(3D shallow water) segment from about USD 20 million to USD 32million, or up to a potential of about USD 40 million if options areexercised. With the long term time charter to PGS of the HarrierExplorer and the Chevron Contract awarded in Nigeria for the OceanBottom Node operation with Hugin Explorer, the overall backlog allinclusive for SeaBird is in the region of USD 140 million.CEO Tim Isden comments "These latest awards of contracts in the 2Dsegment, confirm our expectations of a fast and firm recovery of the2D seismic market, which has been visualized through an increasednumber of awards and tenders for 2010 lately".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: 21.10.2009 - 08:42 Uhr
Sprache: Deutsch
News-ID 7183
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