SeaBird Exploration: 2D survey in Australasia region

World News: . []

11 September 2019, Limassol, Cyprus

SeaBird Exploration is pleased to announce that the company has received notification of an award to acquire 2D seismic data in the Australasia region. The survey is due to commence during Q4 2019 and is estimated to run for approximately three to four months plus mobilization. The company will be using the Nordic Explorer for the work.

The Nordic Explorer has recently completed its niche 3D survey in West Africa, earlier than expected in the announcement of 6 August 2019 due to good operational performance. As a result, the company expects to reverse approximately half of the $1.3 million loss provision taken in connection with this survey.

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 22402705

or

Nils Haugestad CFO SeaBird Exploration Phone: +47 22402717

More news and information about SeaBird Exploration plc

Published By:

Globe Newswire: 07:00 GMT Wednesday 11th September 2019

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