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survey  in West Africa and 7 January 2019 regarding a 2D survey in the Americas.
The  3D survey was initially expected to be completed early in Q3 2019 utilizing
the  Nordic Explorer  (chartered-in project  vessel) and  is now estimated to be
completed  in the latter part of Q3.  The 2D survey was expected to be completed
in the first half of Q3 2019 utilizing the Harrier Explorer and is now estimated
to  be completed in the second half of the same quarter. These production delays
and survey extensions are due to difficulties with availability and lead-time of
select  seismic streamer equipment parts and  will result in increased operating
expenses, which will negatively affect earnings in both Q2 and Q3 2019.
The Nordic Explorer or the Harrier Explorer will after completion of the current
surveys  commence on the previously announced  contract with Wintershall Dea for
2D acquisition  in the  Norwegian Sea.  The survey  has an  expected duration of
approximately two months, including mobilization.
The 2009 built Eagle Explorer recently finished a source contract for CGG in the
Gulf of Mexico and has recently started another survey for CGG West of Shetland.
This survey is scheduled for completion in September.
The  Voyager Explorer  is currently  warm-stacked in  Southeast Asia.  There are
several  contract  leads  for  the  vessel,  predominantly  for  2D exploration.
However, the clients’ decision processes for exploration-related surveys in Asia
appear to be generally delayed.
The  Osprey Explorer finished in  late June a source  contract in the US Gulf of
Mexico  for an OBN  project.  The vessel  is currently transiting  to North West
Europe for a source contract with expected duration of approximately two months,
including mobilization.
The BOA Thalassa was delivered to SeaBird on 13 June 2019. Concurrently with the
delivery  under the purchase  agreement with BOA  SBL, SeaBird also stepped into
the  charter party with EMGS.  The charter  party has a remaining firm period of
about  nine months and EMGS has two  further six months extension options.  EMGS
is currently employing the Thalassa on an EM-project in South East Asia.
The  BOA Galatea, also built in 2009, was delivered to SeaBird on 25 July 2019.
Preparations  for outfitting/rigging the Galatea as  a seismic source vessel are
ongoing  and the  vessel is  expected to  enter the  market in early 2020 as the
“Fulmar Explorer”.
In   light   of   the   recent   fleet  renewal  related  acquisitions  and  the
outfitting/rigging  of BOA Galatea, the company  has decided to decommission the
Aquila  Explorer. As  a part  of this  decommissioning, select seismic equipment
(including compressors and winches) will be removed from the Aquila Explorer and
utilized  for the seismic outfitting of  the BOA Galatea. The decommissioning is
expected  to be concluded in the third  quarter of 2019 and write-down of Aquila
Explorer  of approximately $2.3 million  will be taken in  the second quarter in
anticipation of the sale of the vessel.
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
specializes  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 Quality, Health,
Safety  and  Environment  (QHSE),  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:
Hans Petter Klohs
CEO SeaBird Exploration
Phone: +47 22402718
or
Nils Haugestad
CFO SeaBird Exploration
Phone: +47 22402717
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