SBX Completes Vessel Conversion
SeaBird Exploration Limited said that the conversion of Munin Explorer to a 2D/Source vessel is complete and she has successfully completed her sea-trials in Egersund. It will immediately start as a source vessel in the North Sea for the remaining part of the summer season. It departed the shipyard yesterday. Delivery of the Harrier Explorer is pushed back a few weeks with delivery expected later this month.
SeaBird Awarded Source Vessel Contract
SeaBird Exploration Limited (BVI) has contracted a source vessel to be named to Petroleum Geo-Services (PGS). SeaBird will acquire and convert a vessel for the contract that starts in January 2007. The vessel will be prepared for 2D seismic work, and PGS has the option to work the vessel in the 2D market against a rate increase. PGS will then provide the seismic equipment. The contract is for six months with two six-month options. The value of the firm period of the contract as a source vessel is approximately $9m with a slight rate increase for the optional periods. SeaBird will carry out the full seismic and marine operations.
SBX' Acquires Remaining 50 percent in Sana Navigation
SeaBird Exploration Limited (BVI) (SBX) has acquired the remaining 50 percent ownership in the Joint Venture entity Sana Navigation Company Limited (Sana) which charters the M/V Northern Explorer from Russian owners on a long term bareboat charter. The purchase price is $25.5m. The Joint Venture is now terminated in all respects. The acquisition of the 50% interest in Sana includes the long term bareboat contract, the liquid cash, other current assets, and fixed assets including the seismic equipment, and all future earnings. After the acquisition, SeaBird owns and controls 100% of Sana and its present and future cash flows. Sana has…
SBX Vessel Fixed
SeaBird Exploration Limited announced has fixed the 2D seismic ship R/V Hawk Explorer for 29 months plus a 12 month extension option. The charter will commence upon delivery of the vessel from the shipyard where she is currently under conversion. Delivery is scheduled for early May 2006. Contract value is estimated to be in the range of USD 33 mill. for the firm period. SeaBird Exploration Limited (BVI) "SeaBird" is a global provider of 2D and 3D 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 water 2D/3D market. Main focus for the company is proprietary seismic surveys (contract seismic).
SBX Acquires New Vessel
SeaBird Exploration Limited (SBX) has acquired M/V Sentinel. A DP (Dynamically Positioned) vessel, built in 1979. The vessel will be converted to a Source/Ocean Bottom Seismic ship. Total cost for the vessel, including upgrade and additional equipment, is expected to be up to $20 million. The vessel is expected to be in full operation from early 2007.
