SeaBird Lands Seismic Work in the Far East, GOM, S. America and Middle East

SeaBird Exploration Limited has been awarded two contracts for the Aquila Explorer in South America and the Far East. These contracts are back-to-back and will commence when Aquila Explorer is ending the contract with Petroleum Geo-Services (PGS) in early 2009. Furthermore, SeaBird has been awarded a new contract for the Geo Mariner in the Middle East.

These contracts secure satisfactory back-log for the Aquila Explorer and Geo Mariner until the later part of Q2 2009. The total value of these contracts are in the range of US $30 million and are expected to yield average day rates in excess of our current guiding for these vessels of US $75-90,000.

SeaBird has now executed a formal contract with BP Exploration & Production Inc. for the ocean bottom nodes seismic acquisition survey in Green Canyon, Gulf of Mexico, USA, including the Hugin Explorer and Kondor Explorer, following the letter of award previously announced.

This survey will commence upon completion of the current survey in Block 17, offshore Angola for Total. Completion date for this survey is now expected to be early Q2 2009 due to ongoing improvements to the deep-water node system. BP is also a partner in block 17.

CEO of SeaBird, Tim Isden stated, "We are pleased that we are able to continue building our vessel backlog at day-rates above our guided levels, despite the turmoil in the financial markets and the drop in oil price."