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    SeaBird provides update on recent activity

    Projects and Operations // July 7, 2011

    SeaBird Exploration PLC has issued an update regarding its business activities.

    After completing half of her multiclient survey in the Gulf of Mexico in mid-April, Osprey Explorer will, from mid-July, continue the survey following drydock and standby waiting on environmental and other governmental approvals. The survey will be completed end August.

    Management expects cost recovery during the survey period including standby time with potential uplift following sales of survey data in the second half of 2011. She will then immediately mobilize for her previously reported survey in South America until early December 2011.

    After completion of her current survey in South Africa around mid July, Northern Explorer will immediately mobilize for West Africa following an award for a survey with expected completion end September 2011 and thereafter commence a short survey through to end October.

    SeaBird has received Letter of Awards for 2 further contracts for 2D/3D surveys in Far East, with expected completion January 2012. These contracts have a combined value of about US$ 25-30 million.

    In addition, Harrier Explorer is continuing on her long term charter with PGS to mid September 2011.
     
    The company's CEO, Tim Isden, said: "We are encouraged by the increase in volume and continuity in the 2D and low end 3D market. In addition we are experiencing slightly firmer rates. SeaBird has a high quality fleet and an excellent reputation with clients, and this brings a higher expectation of awards. To date in 2011, SeaBird has reported contracts worth around US$70 million with potential MC sales uplift above that figure." 

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