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    SeaBird provides vessel utilization update for first quarter 2010

    Vessel & ROV News // April 13, 2010

    SeaBird Exploration has provided a vessel utilization update for the first quarter of 2010 (utilization is defined as the percentage of the full quarter where the vessel is in paid work either in the form of acquisition, mobilization, demobilization, steaming, standby or other).

    Vessel utilization for the nine seismic vessels operated by SeaBird for the first quarter of 2010 was 76 per cent compared to 80 per cent in the fourth quarter of 2009 and 55 per cent in the third quarter of 2009.

    Following the increased number of contracts awarded to SeaBird in the 2D/3D segment and mobilization of all vessels back to work during the fourth quarter of 2009, utilization of the 2 D/3D vessels in the first quarter of 2010 was 74 per cent. While Harrier Explorer, Northern Explorer, Hawk Explorer, Aquila Explorer and Osprey Explorer achieved utilization of between 72 per cent and 100 per cent, Munin Explorer and Geo Mariner (shallow water 3D) had utilization of 50 per cent and 44 per cent respectively due to Munin Explorer being idle from 18 February to 9 April 2010, and Geo Mariner from 15 February 2010. SeaBird is expecting a new contract for Geo Mariner shortly.

    SeaBird's 2D vessels have a satisfactory backlog at the start of the quarter with one vessel on time charter to September 2011, three vessels on contract or committed through most of the third quarter of this year, while two of the vessels are on contract or committed to June-July 2010.

    Rate levels are remaining low in the 2D market despite increased volume of work, with expected slow but steady improvement through 2nd half of 2010. SeaBird is well positioned to take advantage of increased opportunities with its high quality 2D vessels.

    The Ocean Bottom Node with Hugin Explorer commenced its Nigerian operation end of November 2009. The survey has progressed very satisfactorily and the contract is due to complete last part of April, about one month ahead of schedule. SeaBird is in the final stage of negotiating a new contract, and believes this can be concluded in time for direct continuation of the present OBN contract.

    Both Hugin Explorer deploying, retrieving and maintaining the nodes and the accompanying Source vessel Kondor Explorer has performed continuously throughout the first quarter with minimum downtime and high efficiency.

    SeaBird is actively pursuing further employments for the OBN operation with Hugin Explorer and Kondor Explorer from August/September 2010, following the completion of the expected upcoming contract.

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