Seabird Exploration Plc (the "Company") is
pleased to announce that it has signed a Letter of Award for OBN source services
in the Western Hemisphere spanning several projects. The duration of the
contract is 2 years, the counterparty is a repeat tier 1 client and the "Fulmar
Explorer" will perform the services. The contract is expected to commence in
September this year in direct continuation of the current contract. The
contracted dayrates are reflective of an improving OBN market.
"We are pleased to report this 2 year contract to all our stakeholders. It is a
game changer for the Company as it provides a cashflow visibility that is
unusual in our industry. With this contract, we are particularly pleased to
report back to our shareholders a total EBITDA backlog now in the vicinity of
the Company`s current market capitalisation. The Board intends to distribute any
excess cash to shareholders. I`d like to take this opportunity to commend our
CEO Finn Atle Hamre & the entire SeaBird team for building strong operational
performance and terrific team work over time", said Stale Rodahl, Executive
Chairman, in a comment to the award.
