Spectrum Secures Seismic Acquisition Deal with Seabird

Spectrum has secured a significant 2D seismic acquisition capacity with Seabird for expansion of their Multi-Client library, together with a re-let agreement for Spectrum's vessel, the GGS Atlantic.

As part of the continued growth of Spectrum's Multi-Client library, the company has now committed to the acquisition of 2D seismic data worth 23 million dollars (US) over the next 3 years. This commitment is part of a signed frame agreement with SeaBird Exploration to draw on their extensive worldwide seismic fleet. Acquisition costs to Spectrum will be fixed at competitive market rates.

This agreement will ensure an efficient and sustainable working partnership perpetuated by Spectrum and Seabird since Spectrum's Big Wave in the Eastern Gulf of Mexico that utilized Seabird's vessel the R/v Munin to acquire infill data for this flagship product.

Under the agreement the bareboat charter of Spectrum's own seismic acquisition vessel, the GGS Atlantic will be assigned to Seabird until August 2012 on the same terms currently enjoyed by Spectrum.

This important Agreement is appropriate for both companies in that it ensures Spectrum can concentrate on and maintain core company objectives, values and expertise in the Multi-Client field, while simultaneously giving Seabird a progressive financial incentive commensurate with their own central company competence.