Seabird Exploration Wins OBN Source Service Contract with 'Repeat Tier 1 Client'

Offshore seismic survey services firm Seabird Exploration said Friday it had signed a Letter of Award for OBN source services in the Western Hemisphere spanning several projects.

The duration of the contract is two years, and the counterparty is "a repeat tier 1 client." The 2009-built Fulmar Explorer source vessel will perform the services. 

The contract is expected to start in September this year in direct continuation of the current contract. 

The contracted dayrates are reflective of an improving OBN market, Seabird Exploration said without providing info on the exact amount.

Ståle Rodahl, Executive Chairman of Seabird Exploration, said, "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 capitalization. The Board intends to distribute any excess cash to shareholders. I'd like to take this opportunity to commend our CEO Finn Atle Hamre and the entire SeaBird team for building strong operational performance and terrific team work over time."