SeaBird Exploration Plc: New 3D vessel
2 January 2013, Limassol, Cyprus:
SeaBird Exploration Plc ("SeaBird") has chartered the 3D vessel "Geo Pacific"
from Fugro, through a subsidiary of Ordinat Shipping AS on a 4 month time
charter that is intended to be converted into a 3 year bareboat with four one-
year options to extend the contract. Ordinat Shipping AS is the largest
shareholder in SeaBird. Furthermore, SeaBird will also have purchase options on
the vessel in year three and, to the extent the lease is extended, year four.
The vessel is fully equipped and will be a valuable addition to SeaBird's 3D
capacity. The Geo Pacific will be SeaBird's second 3D vessel in addition to the
SeaBird is a global provider of marine acquisition for 2D/3D and 4D seismic
data, and associated products and services to the oil and gas industry. SeaBird
specializes in high quality operations within the high end of the source vessel
and 2D market, as well as in the shallow/deep water 2D/3D and 4D market. Main
focus for the company is proprietary seismic surveys (contract seismic). Main
success criteria for the company are an unrelenting focus on Health, Safety,
Security, Environment and Quality (HSSEQ), combined with efficient collection of
high quality seismic data. All statements in this press release other than
statements of historical fact are forward-looking statements and are subject to
a number of risks, uncertainties and assumptions that are difficult to predict,
and are based upon assumptions as to future events that may not prove accurate.
These factors include SeaBird`s reliance on a cyclical industry and the
utilization of the company's vessels. Actual results may differ substantially
from those expected or projected in the forward-looking statements.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
For further queries contact:
CEO SeaBird Exploration
Phone: +47 90883737
CFO SeaBird Exploration
Phone: +971 4 427 1700