31 October 2016, Limassol, Cyprus
SeaBird Exploration announces that agreement has been reached for the sale and decommissioning of the vessel Hawk Explorer. The decommissioning of the vessel is a part of the company's efforts to reduce cost and adjust fleet capacity to better reflect current market demand. The company will retain the seismic equipment of the vessel.
On 1 September 2016, it was announced that the company entered into an agreement to purchase the Hawk Explorer and related equipment. The purchase contract also called for the cancellation of all future lease payments and additional obligations as required under the then prevailing charter agreement.
The purchase, the cancellation of the lease agreement and the subsequent sale of the vessel, is estimated to result in a net pre-tax loss of approximately USD 8.9 million in Q3 2016.
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 specialises 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 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.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
For further queries contact:
CEO SeaBird Exploration
Phone: +47 22402705
CFO SeaBird Exploration
Phone: +47 22402717