October 18, 2006. British Virgin Islands/Dubai: SeaBird Exploration Limited (BVI) ('SeaBird'or 'SBX') has agreed to acquire the M/V "Tasneem 2" from Sykariat Borcos Sdn Bhd for USD 12.965.000. The vessel is a new-built Anchor Handling Tug Supply (AHTS) vessel and will be converted into a shallow water 2D/3D vessel and re-named the "Raven Explorer". Total project cost including conversion and purchase price is estimated to approximately USD 36 mill. The vessel is expected to be operational in the second quarter of 2007.
For further queries contact:
Dag Reynolds
CEO SeaBird Exploration Limited
Phone:+47 90883737
Tim Isden
Chairman
Phone +97150 453 9075
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SeaBird Exploration Limited (BVI) `SeaBird` is a global provider of marine 2D and 3D seismic data, solutions for seabed acquisition of 4C/4D multimode seismic, 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 water 2D/3D market. Main focus for the company is proprietary seismic surveys (contract seismic). SeaBird does not have a multi-client data library. 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. SeaBird operates a seismic fleet of 5 vessels with two additional vessels under conversion.
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.