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SeaBird Exploration Plc (0MO8)

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Monday 27 January, 2020

SeaBird Exploration Plc

SeaBird Exploration: Update on contract schedule

SeaBird Exploration: Update on contract schedule

Reference is made to the notice dated 11 November 2019. SeaBird have now received a letter of award for provision of source services for two OBN surveys to be carried out in West Africa, with an expected total duration of about 80 days. The first survey is expected to start in April 2020 and the second survey will follow immediately after. SeaBird will use the Eagle Explorer for both surveys.

The time charter agreement with EMGS for the Petrel Explorer originally contained two options for EMGS to extend the contract by 6 months each. The first of these two options has been converted to 6 monthly options. EMGS has declared the first option, meaning that the charter period for the Petrel Explorer is now firm until 30 April 2020.

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:

Gunnar Jansen
CEO SeaBird Exploration
Phone: +47 9411 9191

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