Seabird Exploration : SeaBird - Enter USD 30 million agreement with Spectrum ASA
08/18/2012| 03:19am US/Eastern
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17 August 2012, Limassol, Cyprus:
SeaBird Exploration PLC ("SeaBird" or
"SBX") is pleased to announce an expansion of the
existing Frame Agreement with Spectrum ASA ("SPU")
for the acquisition of 2D seismic data. The previous
agreement was that SPU committed to acquire 2D data for a
minimum value of USD 23 million over a period of 36 months
with commencement 20 May 2011.
SPU and SBX have today agreed to enter into a new agreement
in which SPU agrees to acquire 2D data for a minimum value of
USD 30 million over 48 months, commencing upon fulfillment of
the USD 23 million in the initial contract. This is estimated
to be in September 2012. The pricing of the 2D data has been
adjusted as a result of increasing market rates in the 2D
market.
For further queries contact:
Dag Reynolds
CEO SeaBird Exploration
Phone: +47 90883737
Nils Haugestad
CFO SeaBird Exploration
Phone: +971 4 427 1700
SeaBird is a global provider of marine acquisition for 2D/3D
and 4D seismic data, and associated products and services to
the oil and gas industry. SeaBird specializes in high quality
operations within the high end of the source vessel and 2D
market, as well as in the shallow/deep water 2D/3D and 4D
market. Main focus for the company is proprietary seismic
surveys (contract seismic). Main success criteria for the
company are an unrelenting focus on Health, Safety, Security,
Environment and Quality (HSSEQ), combined with efficient
collection of high quality seismic data. All statements in
this press release other than statements of historical fact
are forward-looking statements and are subject to a number of
risks, uncertainties and assumptions that are difficult to
predict, and are based upon assumptions as to future events
that may not prove accurate. These factors include SeaBird`s
reliance on a cyclical industry and the utilization of the
company's vessels. Actual results may differ
substantially from those expected or projected in the
forward-looking statements.
This information is subject of the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
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