SeaBird Exploration: Delivery of Eagle Explorer and new contract

 

13 November 2018, Limassol, Cyprus

 

Reference is made to the stock exchange notices of 11 July 2018 and 1 August 2018 regarding the acquisition of the Geowave Voyager, fully rigged with 40km streamer and dual source, for USD 17 million.  SeaBird Exploration has now taken delivery of the Geowave Voyager from CGG and the vessel has been renamed Eagle Explorer.  

 

As part of the purchase agreement, SeaBird will have a preferred supplier status with CGG when using the Eagle Explorer.  SeaBird and CGG have entered into a contract for the vessel, operating as a source vessel.  The contract is for 160 days firm with options for CGG to extend.  The work will start in December, after the vessel has completed class renewal.

 

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 Quality, Health, Safety and Environment (QHSE), 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:

 

Hans Petter Klohs

CEO SeaBird Exploration

Phone: +47 22402718

 

or

 

Nils Haugestad

CFO SeaBird Exploration

Phone: +47 22402717

---