09 November, 2009.  Cyprus:

 

SeaBird Exploration Limited ('SeaBird' or 'SBX') has been awarded a 2D contract for a survey off East Coast India for approximately 3,000 line kilometers with an option for the client to extend the survey. The recently reactivated vessel Osprey Explorer will be deployed for this survey commencing December 2009 following a periodical survey in Singapore. This contract has a value including mobilization and demobilization of about USD 2.4 million for the firm portion. The Hawk Explorer recently redelivered from her term charter with Fugro and presently undergoing a periodical survey in Denmark, will substitute for the previously announced Gulf of Mexico time charter contract intended for Osprey Explorer, thus saving considerable mobilization costs and improving the net earnings combined for these two vessels.

 

For further queries contact:

 

Tim Isden

CEO SeaBird Exploration

Phone: + 971 504 539075

 

Kai Solberg-Hansen

CFO SeaBird Exploration

Phone: + 47 920 51455

 

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SeaBird Exploration Limited (BVI) `SeaBird` is a global provider of marine 2D and 3D seismic data, solutions for seabed acquisition of 4C/4D multimode seismic, 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). SeaBird does not have a multi-client data library. Main success criteria for the company are an unrelenting focus on Health, Safety, Security, Environment and Quality (HSSEQ), 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.