SeaBird Exploration PLC (SeaBird or SBX) has over the last few months worked with a Norwegian shipyard to develop and plan the construction of a second vessel in addition to the Hugin Explorer for deploying, retrieving and servicing Ocean Bottom Nodes (OBN). Through a mutual understanding between the yard and SeaBird, a condition for delivering the vessel in Q2/Q3 2012 was that a firm Shipbuilding contract was to be signed within May 2011. SeaBird is still developing its plans for a second OBN crew. However, at present it is not considered good timing to introduce further commitments on the company with a firm construction contract for a second node vessel.