SeaBird Scoops Up New 2D Contracts in GOM, West Africa

SeaBird has announced three more contracts awarded this week in addition to the six contracts announced on October 5, 2009. These new contracts are:

  • A Time Charter contract for a minimum of 4 months as source vessel in US Gulf of Mexico. The contract value for the minimum duration is in the region of US $6 million. SeaBird has decided to reactivate the Osprey Explorer for this contract. The vessel has been cold stacked in Labuan, Indonesia since June 2009. Through this award SeaBird will have all vessels on contract or committed for work.
  • Geo Mariner has been issued an LOA for a 3D Seismic contract in West Africa with a value of about US $3 million in direct continuation of work recently completed near the Seychelles.

In our press release dated October 5 regarding Munin Explorer, we informed about a potential interim contract between now and the start of the source contract in Mexico from beginning of December 2009. This contract is now in place at a value of US $1.5 million in revenue and a potential US $1.8m in uplift from sales, and will keep the vessel in continued operation.

These contract awards are increasing the firm backlog value for our 2D/(3D shallow water) segment from about US $20 million to US $32 million, or up to a potential of about US $40 million if options are exercised. With the long term time charter to PGS of the Harrier Explorer and the Chevron Contract awarded in Nigeria for the Ocean Bottom Node operation with Hugin Explorer, the overall backlog all inclusive for SeaBird is in the region of US $140 million.

CEO Tim Isden commented, "These latest awards of contracts in the 2D segment, confirm our expectations of a fast and firm recovery of the 2D seismic market, which has been visualized through an increased number of awards and tenders for 2010 lately."