Cyprus: SeaBird Exploration Provides Fleet Utilization Update

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 69% (Q1 2011: 49%).

The Ocean Bottom Node vessels Hugin Explorer and Munin Explorer mobilized in March-April for the Rosebank survey west of Shetland for Chevron North Sea Limited, and commenced deploying nodes on 20 April 2011 following classification work at a Danish yard during this mobilization period. The utilization for the two vessels in Q2 2011 was 88%, compared to 23% in Q1 2011. Management is actively pursuing further work, and see several opportunities coming up for various OBN surveys through 2nd half of 2011 and into 2012 through bids and tenders already submitted.

Utilization for the 2D/3D vessels in Q2 2011 was 62% (Q1 2011:57%). The utilization has continued to improve during the first 6 months of 2011 from only three vessels on contract in the beginning of the year to all 2D vessels generating revenue or committed to contracts at the end of Q2 2011.

Aquila Explorer has had 89% utilization in Q2, and is employed to September/October. Harrier Explorer has achieved 99% utilization and continues working under a long term charter to PGS until end September, when the vessel will go into yard for classification work. Northern Explorer had 78% utilisation, and is committed to early September. Hawk Explorer had 56% utilisation mainly due to classification in May/June and has a work program to early August. For Osprey Explorer, a 50% utilisation has been allocated during her 3 month standby in Q2 while waiting on authority approval. However the MultiClient provider has accepted this waiting time as cost in relation to profit sharing of MC sales. The GGS Atlantic joined the SeaBird fleet 21st May (not included in statistics above), and is continuing on her MultiClient work in the Barents Sea until mid October 2011. SeaBird has also been awarded 3D and 2D shallow water contracts for the Geo Mariner following classification/dry-docking of the vessel.

As for the tendering and potential on the 2D/shallow water 3D, SeaBird is satisfied with the increased tender activity and expects several awards going forward with the potential of improved utilisation for this segment.

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Source: SeaBird, July 13, 2011;