Spectrum, Seabird Enter $30 Mln Deal

Spectrum and Seabird Exploration have agreed to enter into a new agreement in which Spectrum agrees to acquire 2D data for a minimum value of USD 30 million over 48 months, commencing upon fulfillment of the USD 23 million in the initial contract.

This is estimated to be in September 2012. The pricing of the 2D data has been adjusted as a result of increasing market rates in the 2D market.

“Securing flexible access to vessel capacity greatly facilitates our planning of new 2D acquisition projects,” CEO Rune Eng said in comment. “And we have a very positive experience working with Seabird.”

[mappress]
Press Release, August 17, 2012