India: SeaBird Bags USD 40 Million Ocean Bottom Node Survey Contract

SeaBird Exploration PLC announces through its wholly owned subsidiary SeaBird Exploration FZ LLC the receipt of a Notification of Award from Oil and Natural Gas Corporation Ltd of India for a 4C-3D Seismic API Pilot Project in Mumbai High Field.

This is an official notification that SBX has been awarded Tender No Y16KC10017 and consequently the Hugin Explorer and Munin Explorer will mobilize from the Norwegian North Sea immediately following the conclusion of the current ExxonMobil contract expected to be around 10th September 2011.

This is a most prestigious contract award for SBX – as well as being the eighth contract award since operations started – and a highly important survey for ONGC as the data to be acquired is necessary for the planned optimal placement of two development wells from the upcoming platforms within the survey area by June 2012. ONGC has requested start up as soon as possible and SBX estimation for commencement on survey site is around mid October 2011.

The total number of node stations deployed will be in excess of 2,300 at 200 meter spacing, and data acquisition will be carried out in two swaths by rolling phases of approximately 760 nodes each. The technical expertise and track record of SBX in previous surveys has been an important element of the choice of contractor by ONGC, and furthermore this contract is another important step forward in the developing OBN market sector as it covers processing and interpretation for both pressure and converted (shear) wave data.

Value of the contract is USD 40 million and duration is estimated to be about 110 days including mobilization from North Sea.

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Source: SeaBird, August 23, 2011;