SeaBird, Sonar Snag Seismic Gig at Chevron's Agbami Field

SeaBird, together with its local partner, Sonar Limited, is pleased to announce the execution of a Letter of Commitment with Star Deepwater Petroleum Limited, an affiliate of Chevron Nigeria Limited and the operator of the Agbami field, for the pre-survey design and subsequent acquisition of a large-scale, ocean bottom node seismic program of the Agbami Field, offshore Nigeria.

The program is currently scheduled to mobilize immediately upon completion of the previously announced contract for BP on the Atlantis Field in the deepwater GOM and will be conducted with the survey vessel Hugin Explorer, the source vessel Kondor Explorer and the proprietary CASE Abyss 4C autonomous seismic recording system technology.

The contract has an expected duration of between 6 to 9 months and is expected to yield revenues including mobilization and demobilization in excess of our previously published guidance rates for OBN surveys (Hugin Explorer) and source vessels (Kondor Explorer). Pre-survey geophysical modeling, final terms, approvals and execution of contract are expected to be complete by early Q2-09.

SeaBird CEO, Tim Isden, said, "This Letter of Commitment represents the third major recognition of SeaBird OBN operations from the oil majors in a short period of time since its introduction to the market. We see great potential for the future in reservoir imaging and 4C / 4D applications, and strong industry support for our technology. This project represents another new milestone for our autonomous node acquisition system in ultra deepwater and congested areas and we are very pleased with the potential to build backlog on the Hugin Explorer and Kondor Explorer to early 2010."