SeaBird expands frame agreementContracts, Tenders and Rates // August 17, 2012
SeaBird Exploration PLC has announced an expansion of an existing Frame Agreement with Spectrum ASA for the acquisition of 2D seismic data.
The previous agreement covered acquisition of 2D data for a minimum value of US$23 million over a period of 36 months with commencement 20 May 2011.
Spectrum and SBX have now agreed to enter into a new agreement in which Spectrum agrees to acquire 2D data for a minimum value of US$30 million over 48 months, commencing upon fulfillment of 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.