Cyprus-based Seabird Exploration Plc has signed a Letter of Award for OBN source services in the Western Hemisphere spanning several projects.
The duration of the contract is two years, the counterparty is a repeat tier one client and the “Fulmar Explorer” will perform the services.
SeaBird, a global provider of marine 2D seismic data acquisition for the oil and gas industry, says the contract is expected to commence in September this year in direct continuation of the current contract. The contracted dayrates are reflective of an improving OBN market.
Ståle Rodahl, Executive Chairman 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 capitalisation.”
Rodahl added that the board intends to distribute any excess cash to shareholders.
“I`d like to take this opportunity to commend our CEO Finn Atle Hamre & the entire SeaBird team for building strong operational performance and terrific teamwork over time”, said Ståle Rodahl, in a comment to the award.
