Cyprus: SeaBird Provides Fleet Contracts Status Update

SeaBird Exploration PLC,a global provider of marine acquisition for 2D and 3D seismic data, and associated products and services to the oil and gas industry today, December 14, announced its fleet contracts update.

Phase 1 of the Osprey Explorer multiclient survey in Gulf of Mexico was completed in September 2011 (approximately 8,000 km), and we are pleased to report that the first sale under the master license agreement has been concluded. The sale agreement includes a further uplift value should there be a license awarded or a PSA entered into covering the data acreage acquired within 5 years. In addition, Seabird now has 50% pre commitment for Phase 2 of the survey, consisting of about 3,500km, scheduled for commencement in Q1-12. SeaBird is confident that sales to other oil companies will follow.

As briefly indicated in the Q3-11 report and presentation, Aquila Explorer is carrying out a non-exclusive multiclient survey in the Philippines for Searcher Seismic in cooperation with the Philippines Department of Energy. The survey commenced late November 2011 using state of the art acquisition and processing capabilities to ensure the resulting dataset is of the highest quality. A full suite of deliverables will be produced during the processing to allow for further studies such as basin modeling, AVO and inversion. The survey has been designed to better define the tectonic framework of the Philippines’ most important petroleum basins and to improve the imaging of the lower sedimentary sections and basement.

The Hawk Explorer is currently demobilizing from her survey in West Africa, and will then mobilize late December to Brazil for the first survey under the Spectrum Frame Agreement (FA) reported in May 2011 for an initial minimum survey area of 5,000 km. The terms of this FA are that Spectrum will commit to SeaBird for USD 23 million value of 2D data acquisition within 36 months, of which 50% shall be committed within the first anniversary of the FA.

Harrier Explorer, as reported in the Q3-11 report, is undergoing her scheduled 2011 docking and will then be rigged with a long offset streamer and subsequently enter into the 12 month charter with Fugro under the SPA agreement.

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Offshore Energy Today Staff, December 14, 2011; Image: SeaBird Exploration