January 9, 2007. British Virgin Islands/Dubai: SeaBird Exploration Limited (BVI) ('SeaBird'or 'SBX') Has agreed to purchase GeoBird Management Middle East FZ LLC. (GeoBird) for USD 2 million with immediate effect. GeoBird is a Maritime Management company that has been responsible for the maritime operations of the SeaBird fleet of vessels since year 2003. The acquisition of GeoBird will further consolidate SeaBird's operations. Mr Jan Eivind Fondal has been appointed President for SeaBird Exploration Dubai FZ LLC, the company in which the full operation of the SeaBird vessels now will be consolidated. GeoBird's business is mainly related to the SeaBird maritime operations, but GeoBird is also providing Maritime Management services for other leading seismic companies.
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 6 vessels with three 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.