SeaBird Exploration Purchase Hawk Explorer
Thursday 1 September 2016
SeaBird Exploration Plc ("SeaBird") has entered into a contract for the purchase of the vessel Hawk Explorer and its seismic equipment. Hawk Explorer has been a chartered vessel in the SeaBird fleet since 2006. Under the purchase agreement, SeaBird will pay USD 1.1 million for the vessel and seismic equipment as well as the cancellation of all future lease payments and additional obligations as required under the charter agreement.
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 Health, Safety, Security, Environment and Quality (HSSEQ), 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.