Seabird Exploration announced that it has signed a Letter of Award for OBN source services in the Western Hemisphere spanning several projects. The duration of the contract is 2 years, the counterparty is a repeat tier 1 client and the “Fulmar Explorer” will perform the services. 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.

“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. 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 team work over time”, said Ståle Rodahl, Executive Chairman, in a comment to the award.

Source: SeaBird Exploration