Sea Bird Fleet Expansion

SeaBird Exploration Limited is a global provider of 2D and 3D 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 water 2D/3D market.
Main focus for the company is proprietary seismic surveys (contract seismic).
SeaBird operates a seismic fleet of 4 vessels with two additional vessels under conversion with expected completion during the first half of 2006. The Sea Bird entered into a long term financial lease, securing the deepsea factory trawler "Hogifossur" (TBN "Hawk Explorer") and ordered key long lead items such as compressors and seismic streamer necessary for the conversion to a 2D seismic vessel.
The Company has entered into a one year Bareboat agreement with a purchase option for the m/v "Gepard" (TBN "Osprey Explorer").
Furthermore, the company has entered into conversion contracts for both the "Hawk Explorer" and the "Osprey Explorer" with Nauta Shipyard in Poland. Additionally, the Company has ordered new compressors for the "Osprey Explorer".
SeaBird announced that it has fixed its 2D seismic ship "Hawk Explorer" for 29 months plus a 12 month extension option to an undisclosed industry player. The charter will commence upon delivery of the vessel from the shipyard where she is currently under conversion. Delivery is scheduled for early May 2006. Contract value is estimated to be in the range of USD 33 mill. for the firm period.
SeaBird has fixed for 6 months from August 2006 with a 6 month option "Osprey Explorer", a source vessel under conversion. Also "Kondor Explorer", source vessel, is fixed for 12 months commencing May 2006 with a 6 month option. Contract value for "Osprey Explorer" and "Kondor Explorer" is estimated to be in the range of USD 19.7 mill. for the firm periods. The vessels are intended as source vessels for a wide azimuth survey in the US Gulf of Mexico commencing in the second half of 2006.