SeaBird to Carry Out OBN Seismic Acquisition Survey in GOM

SeaBird has received a letter of award from BP Exploration & Production Inc. for an ocean bottom nodes ("OBN") seismic acquisition survey in Green Canyon, Gulf of Mexico, USA. This survey will commence upon completion of the current contract Total E&P Angola, estimated to February 2009.

The survey will be done in the range of 1,300-2,300 meters water depth and carried out with the state of the art OBN vessel "Hugin Explorer" and "Kondor Explorer" as a separate source vessel. The contract has an expected duration of around 3 months and is expected to yield an average day rate including mobilization and demobilization in line with our current guiding in excess of US $200,000 for OBN surveys (Hugin Explorer) and US $60-65,000 for source vessels (Kondor Explorer).

SeaBird CEO, Tim Isden, stated, "This letter of award represents a major recognition for SeaBirds OBN operations and we see great potential for the future in reservoir imaging and 4C / 4D applications .We are extremely happy to reach this milestone and to have another oil major as our contractual partner in our next survey using our autonomous node acquisition system in deepwater and congested areas. We see an increased interest in reservoir monitoring and characterization from the oil companies and have experienced a massive increase in interest for our node technology after commencement of the Total Angola contract."