Oslo-listed seismic player SeaBird Exploration has secured a letter of award for ocean bottom node (OBN) source services in the Western Hemisphere, spanning several projects.
The contract with the repeat tier 1 client will last for two years and be executed by the 2009-built survey vessel Fulmar Explorer.
.Work is expected to start in September this year in direct continuation of the current contract. The value has not been disclosed, but SeaBird said the contracted dayrates were reflective of an improving OBN market.
Ståle Rodahl, executive chairman at SeaBird, said the contract is a “game changer” for the company as it provides a cash flow visibility that is unusual in this 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,” added Rodahl.
