SeaBird Exploration has received a Letter of Award for a major contract of 2D seismic work for the entire summer season from a major client.
The contract represents a value in the range of US$ 11-13 million. The work will commence during mid-March 2012, and will be carried out using the 2D vessel Osprey Explorer. The vessel will tow a 12 km long seismic streamer during this project.
The news will come as a welcome relief to SeaBird investors, following a profit warning earlier this month, with vessel utilisation down to 60% in Q4 2011.
“The achieved utilization rate was lower than expected. There are several reasons for the reduced utilization, among the primary reasons are delayed startup dates on firm contracts and contracts materializing to a lesser degree than forecasted,” according to a company statement issued on Feb 6 2012.
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