SeaBird Exploration Wins Contract Worth up to $13M



Seismic data specialist SeaBird Exploration announced Friday that it has received a 'letter of award' for a major contract of 2D seismic work for the entire summer season from what it described as a "major client". The contract is worth between $11 million and $13 million to the company, it said.

The work will begin around mid-March this year and will be carried out using the 2D vessel Osprey Explorer. The vessel will tow a 7.5-mile (12-kilometer) long seismic streamer during the project.
 
The good news follows a profit warning that was issued by the Cyprus-based firm Monday, when it said that profits for the fourth quarter of 2011 would be lower than previously expected. SeaBird blamed a low utilization rate of its vessels as well as "multi-client" sales being lower than expected.
 


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