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    Seabird Exploration provides update on backlog

    Company News // November 23, 2010

    SeaBird Exploration has provided Offshore Shipping Online with an update on its backlog.

    The company recently completed an Ocean Bottom Node (OBN) contract for Shell Nigeria Exploration and Production and demobilized Hugin Explorer and Munin Explorer back to Lagos end last week.

    SeaBird is presently in dialogue with an oil company for a potential new survey in West Africa, and is hopeful that a positive conclusion can be reached within a few days. This could potentially lead to continued OBN engagement with only a limited time of standby in between.
     
    During this standby period, Munin Explorer will assist as source vessel for a separate contractor's platform undershoot program which will generate revenue on a 10 days assignment in the area.
     
    Management is also actively pursuing another possible contract that could result in not more than a few weeks off-hire for the OBN operation.

    Furthermore SeaBird expects an increase in work opportunities coming up for various OBN surveys in the first and second quarter of 2011.

    This is based on a comfortable number of tender invitations and budgetary requests received over the last couple of months, which it is anticipated will lead to a high utilization of our OBN operation in 2011.
     
    In addition to the source contract as mentioned above for Munin Explorer, the current contract for Aquila has been extended to second half of December, and in addition a Letter of Intent has been received for Aquila Explorer to work as source vessel offshore Australia for 2-3 weeks in direct continuation, which will keep the vessel continuously employed to early January 2010.
     
    Northern Explorer has been committed to a 3-4 week 2D survey in Indonesia in direct continuation from the present contract, keeping the vessel busy to end of December 2010. 

     

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