6 October, 2006 Islamabad/ British Virgin Islands/Dubai: SeaBird Exploration Limited (BVI) ('SeaBird", or "SBX') has been awarded a Shallow water 3D Marine Seismic Survey in the Indus Delta from Oil & Gas Development Corporation Limited ("OGDCL"), Pakistan. The contract has an estimated duration of 70-90 days and an estimated value of USD 15.45 million. The survey will be carried out by M/V Geo Mariner upon completion of her current contract. Estimated start of the survey is early November 2006.
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 2D, 3D and 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 6 vessels with one additional vessel under conversion in Singapore, and an Ocean Bottom Seismic/Source vessel that will be operational early 2007.
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.