1. June, 2006. -SeaBird Exploration Limited (SBX or SeaBird), announced today that it has reached final agreement on 31 May 2006 to acquire all of the outstanding shares in SeaBed Geophysical AS. The agreement was reached on terms announced 5. May 2006.
SeaBird is a global provider of 2D and 3D 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 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 4 vessels with two additional vessels under conversion with expected completion during the first half of 2006.
SeaBed Geophysical AS "SeaBed" is a geophysical company that specializes in seabed seismic. Main concept is to deploy geophone sensor nodes into the seabed and acquire high quality multi-component data. SeaBed can provide all aspects of seabed seismic; feasibility studies and pre-survey planning, data acquisition, on site QC, minor data processing and interpretation.
Any and 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.
For further queries contact
Dag Reynolds
CEO SeaBird Exploration Limited
Phone:+47 90883737
Tim Isden
Chairman SeaBird Exploration Limited
Phone +97150 453 9075