SBX Charters Vessel for SeaBird

SeaBird Exploration Limited (BVI) (SBX), SeaBird Exploration Ltd (SeaBird) and Siem Offshore Inc have entered into a 5 year firm bareboat charter with 3 x 1 year options for the vessel Siem Mariner, a DP2 platform supply vessel of MT 6000 mk II design, delivered from the Kleven yard in Norway December 2006. SeaBird will convert the vessel to a state of the art SeaBed Seismic vessel at a cost estimated to be approximately US$17 million.

The contract value for the firm period is approximately US$57 million and is scheduled for commencement in 2Q 2007. SeaBird has an option to purchase the vessel at the expiry of the firm 5 years period at a price of approximately US$48 million.

Seabird has decided to move the Harrier Explorer previously destined for SeaBed into the 2D/Source vessel market due to strong market demand and is in a dialogue with several industry players for employment of the vessel.

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