Release details

2018-07-09 10:32 CEST
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SeaBird Exploration: SeaBird and MultiClient Geophysical (MCG) in MC2D joint partnership

9 July 2018, Limassol, Cyprus

SeaBird Exploration is pleased to announce that it has signed a partnership agreement with MCG to conduct a 6,000km multi-client 2D Deep Imaging Campaign on the NCS, including cross-border lines to UKCS.

The acquiring vessel will tow a single 12,000-meter streamer with a powerful source, to image the oceanic and continental crust, for new conceptual geological understanding and improved interpretation of large-scale tectonics. This leads to an enhanced understanding of the regional geology and may reveal new play models. Harrier Explorer will be used for the project, which is estimated to have a duration of approximately two months.

The survey is cash neutral through pre-funding and cost recovery. The company will be entitled to 50% of all future revenue stemming from sales of the acquired data. With this, Seabird has 3 vessels booked for most of Q3.

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 22402705   

or

Nils Haugestad
CFO SeaBird Exploration
Phone: +47 22402717   
HUG#2203794