SeaBird Exploration Ltd announces receipt of additional contracts

Seismic data company SeaBird Exploration Ltd (Oslo:SBX) said on Wednesday that it has secured three more contracts in addition to the six contracts announced on 5 October. A Under the first new contract the Osprey Explorer will be reactivated for a time charter contract for a minimum of four months in the US Gulf of Mexico valued at USD6m. The vessel has been cold stacked in Indonesia since June 2009.

With this contract SeaBird will have all vessels on contract or committed for work. A In addition, the Geo Mariner has been issued an LOA for a 3D seismic contract in West Africa valued at approximately USD3m in direct continuation of work recently completed near the Seychelles. A The Munin Explorer has been awarded an interim contract between now and the start of the source contract in Mexico from beginning of December 2009. This contract is valued at USD1.5m in revenue with a potential USD1.8m in uplift from sales and it will keep the vessel in continued operation. A These contract awards raise the firm backlog value for the 2D/3D shallow water segment from approximately USD20m to USD32m or up to a potential of about USD40m if options are exercised.

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