SeaBird Exploration Updates on 2D Contract Awards

SeaBird Exploration has provided a contracts update regarding some of its business activities as set out below.

Continuing a successful series of projects in Australia that began late October 2009, the Aquila Explorer has entered into a contract with the State of Victoria through the Department of Primary Industries for the acquisition of approximately 7,400 km 2D marine seismic data within the Southern Flanks of the Offshore Gippsland Basin, Southeastern Australia, and covering the 2009 released Greenhouse Gas Storage blocks (Gipps-01 to Gipps-03). The project commenced on February 21st and is expected to be completed within two months. The vessel will then return to Southeast Asia where she has been awarded contracts to undertake approximately 4,000 km of 2D acquisition over two areas in the Song Hong Basin.

The combined value of the firm work listed above is estimated to be in the range of about US $6 million and provides the vessel with employment for the next 4 months. CEO Tim Isden commented, "SeaBird is delighted to be associated with the Victorian Government for this project and looks forward to further consolidating its position as a leading provider of seismic services in the region."

The Munin Explorer has been awarded a contract in the North Sea as a source vessel commencing June 1st for 2 months, with the client option to extend for a further 3 to 4 months. The initial award period, including Mob and Demob will generate about US $4.1 million, with client paying fuel cost.

The Osprey Explorer is contracted to work from completion of her current survey end February in direct continuation until approximately end March in East India. This additional survey of approximately 3,000 km will generate in the region of US $1.7 million, with client paying fuel cost.

A Letter of Award has been received for a survey in East Africa of approximately 5,000 km commencing mid to late April. The vessel to perform this contract will most likely be the Osprey Explorer. This contract will generate in the region of US $4.7 million inclusive of fuel cost.