SeaBird Exploration plc

03/12/2019 | Press release | Distributed by Public on 03/12/2019 01:16

SeaBird Exploration: contract extension

12 March 2019, Limassol, Cyprus

Reference is made to the stock exchange notice dated 13 November 2018. SeaBird is pleased to announce that the contract for the Eagle Explorer with CGG has been extended by approximately 80 days. The contract is now firm until 15 August 2019, with further options for CGG to extend with up to 60 days. The Eagle Explorer has been on a 160-day contract with CGG since acquired in November and completing its 10 year class docking in December 2018 and is currently working as a source vessel in the Gulf of Mexico. The extension is for another survey as source vessel in Northern Europe.

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 22402718

or

Nils Haugestad

CFO SeaBird Exploration

Phone: +47 22402717