• 2019 April 1 11:30

    SeaBird Exploration receives two new contracts

    SeaBird Exploration Plc has announced two new contracts:

    The Company has received a letter of award for a niche 3D survey in West Africa, with a total value of approximately USD 6.5 million. The survey is expected to commence in the 2nd quarter of 2019, with a total duration of about 80 days. The total duration includes associated vessel transit.

    Due to fleet positioning and other contract opportunities, SeaBird will time-charter the Nordic Explorer for this survey and will also bid the Nordic Explorer for subsequent opportunities in the second half of 2019. In connection with the charter agreement, SeaBird will receive nine kilometers of ION DigiSTREAMER from the owners of the Nordic Explorer.

    Furthermore, SeaBird has secured a source contract for an OBN survey in the Gulf of Mexico. The contract has an expected duration of three weeks and will start in early April. SeaBird's Harrier Explorer has been working on this survey since February 2019, under a previously announced contract. She will now be joined by the Osprey Explorer, which recently completed other work in the region, for a period of simultaneous source operations. Separately, SeaBird has also agreed a 21 day off-hire period for the Voyager Explorer related to a technical stop in January 2019.

    SeaBird is seeing increasing demand for its services within the source vessel, 2D and niche 3D markets. In 2018, total duration on received tenders was up 52% compared to 2017, and the Company experienced a 40% increase in days on contract in the same period. Rates on new contracts across the three operating segments are as a result up 15-30% year on year.

    As a consequence of increased demand in all regions, SeaBird turned down work in the first quarter of 2019 due to scheduling conflicts based on its current fleet capacity of four operating vessels. To be able to pursue a strong and diversified pipeline of contract leads in all segments, the Company is evaluating several attractive opportunities for vessel capacity expansion. This includes an option to add the BOA Galatea and BOA Thalassa to the operational fleet, which are currently owned by BOA SBL AS, a subsidiary of BOA Offshore AS. These vessels are well suited for source and 2D operations, as well as EM seabed logging, for which BOA Thalassa is currently contracted with EMGS ASA until September 2019, with options to extend for three times six months. SeaBird has received irrevocable acceptances from a majority of Boa SBL bondholders for a sale of the vessels based on an en bloc valuation of NOK 185 million.

    In addition, the Company is considering entering into other negotiated charter arrangements for capacity expansion at flexible terms.

    SeaBird emphasizes that no binding decisions have been made regarding any capacity expansion at the current stage and the Company is evaluating the alternatives. SeaBird will only enter into binding agreements at structuring terms accretive to current shareholders.




2020 September 28

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18:07 Wilhelmsen and thyssenkrupp step-up collaboration, establishing 3D printing joint venture targeting the maritime industry
17:59 RF Government to allocate RUB 27.6 billion for construction of two scientific research ships
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17:05 Maersk Supply Service and Ørsted to test offshore charging buoy to reduce vessel emissions
17:02 Oboronlogistics completed Northern Delivery programme of 2020
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15:51 Ships of RF Navy's Black Sea Fleet returned to their permanent locations after "Kavkaz-2020" maneuvers
15:29 New railway bridge over Kolar river put into operation in Murmansk Region
15:13 BIMCO to push for international guidelines for ship/shore communication at IMO
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13:53 Moscow Exchange registered debut bond issue by FSUE "Rosmorport"
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2020 September 27

16:43 Milaha signs key deal with major oilfield services firm
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2020 September 26

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12:38 JAXPORT CEO Green named one of Florida’s top business leaders for third year in a row
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11:02 IUMI: Loss prevention remains a vital element in ensuring the insurability of maritime risk
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2020 September 25

18:07 Tripartite agreement signed on establishing the FSRU terminal in the Bay of Gdansk
17:55 Baltic Fuel Company shipped first batch of bitumen
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17:12 Metal Shark debuts 48-meter catamaran expedition vessel and introduces "Metal Shark Yachts" portfolio
16:51 Ningbo Containerized Freight Index rises significantly in September
16:19 OOCL's service update for Trans-Pacific trade
16:16 Representative office of Marinet opened in China
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