SeaBird Exploration Wins New Contracts for 2D and 3D Surveys (Cyprus)

SeaBird Exploration PLC  informs the following new contracts awarded in the 2D and 3D shallow water as set out below;

Hawk Explorer has been awarded a short survey in direct continuation from the current employment in West Africa where the vessel will be employed until end May / early June 2011.

Northern Explorer is currently carrying out a survey in East Africa with expected completion mid May 2011, and has now been awarded a further contract in South Africa where she will be employed until mid to end July 2011.

Geo Mariner is mobilising to South East Asia with arrival mid April, and has been awarded a 2D contract for one month survey with client option to extend for a further month together with an option for a further 3D survey. This will keep the vessel busy to mid June, and with the option to end of July.

These contracts have a combined value of approximately US$ 7-9 million and represent approximately 6 vessel-months utilization including mobilization time and including the option on Geo Mariner.

With these awards and the general improvement in the tender activity SeaBird believes that the 2D activity will increase going forward resulting in a much improved utilization for our 2D fleet compared to 2nd half of 2010. Rate levels are however still low but on profitable EBITDA levels.

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Source: sbexp , April 06, 2011;