SeaBird Enters 5-Year Charter for Seismic Vessel

SeaBird Exploration Limited (BVI) and Okland Fiskebatrederi AS have entered into a 5 year firm bareboat charter with 3 x 1 year options for the vessel Newfoundland Otter, TBN Munin Explorer, a 1990 built Norwegian trawler under conversion to a Seismic ship. Okland will carry out the conversion to a Source/2D vessel at their cost with the exception of the cost of the Air Guns and the Streamer.

The contract value for the firm period is approximately US $33 million and is scheduled for commencement in June 2007. SeaBird has an option to purchase the vessel during the firm 5 years period.

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