12 October 2018, Limassol, Cyprus
With reference to the press release dated 9 July 2018, SeaBird Exploration and its partner MCG are pleased to announce that significant additional pre funding commitment from an oil major has been secured relating to the ongoing MC2D project in North West Europe. The pre-funding commitment is based on a revised scope increasing the survey from its initial 6,000 km to approximately 16,000 km.
Due to the planned increased survey scope and current inclement weather in the operative area, a decision has been made to suspend the survey for the 2018 season. The survey is expected to re-commence in the first half of 2019, provided further pre funding has been secured.
SeaBird is also pleased to announce that the company has awarded the contract for a proprietary 2D survey in North West Europe. The project is due to commence imminently and will have a duration of about two weeks with an estimated contract value of approximately US$ 1 million. SeaBird will be using the Harrier Explorer for the work.
About SeaBird: 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 Quality, Health, Safety and Environment (QHSE), 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.
For further queries contact:
Hans Petter Klohs
CEO SeaBird Exploration
Phone: +47 22402718
or
Nils Haugestad
CFO SeaBird Exploration
Phone: +47 22402717