Cyprus: SeaBird Enters Several Contracts

February 14, 2012

SeaBird Exploration PLC announces that it has entered into certain contracts of a varying nature.

Firstly, SBX has entered into contracts for multiclient data sales relating to the Perdido survey in the US Gulf and for the late sales of a survey in the Barents Sea. These two contracts represent values of approx. USD 2.5 million and USD 3.8 million respectively.

Secondly, the contract concerning the Spectrum survey outside Namibia has been extended. The contract comprises approx. 7.000 kilometers and is expected to represent a value of approx. USD 3.5 million.

SeaBird Exploration PLC is a global provider of marine acquisition for 2D and 3D seismic data, and associated products and services to the oil and gas industry. SeaBird specialises 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 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.

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Subsea World News Staff , February 14, 2012; Image: SeaBird