Seabird Explorat — Earnings Release 2010

Jul 9, 2010

Vessel Utilization 2nd Quarter 2010

9 July 2010. Cyprus: SeaBird Exploration PLC (`SeaBird` or `SBX`):

Vessel utilization is defined as the percentage of the full quarter where the

vessel is in paid work either in the form of acquisition, mobilization,

demobilization, steaming, standby or other.

The vessel utilization for the 9 seismic vessels operated by SeaBird for Q2

2010 was 76%, the same as for Q1 2010.

The utilization of the 2 D/3D vessels in Q2 2010 was 71 %. The 2D vessels

Harrier Explorer, Hawk Explorer, Munin Explorer Aquila Explorer and Osprey

Explorer achieved utilization between 71% and 94%, with an average of 86%.

Northern Explorer stayed about 7 weeks at a yard for dry docking and

classification, thus utilization for the quarter was 32%. The Geo Mariner

(shallow water 3D) had utilization of 41% due to idle time prior to starting her

current contracts.

The SeaBird's 2D vessels have a satisfactory backlog in these market conditions

at the start of Q3 2010 with one vessel Harrier Explorer on time charter to

September 2011, whilst Osprey Explorer and Northern Explorer are committed to

mid Q4. Geo Mariner is currently negotiating a follow-on contract through to

October. Hawk Explorer is coming off time charter in mid July, with no contract

confirmed yet. She will be relocated from Gulf of Mexico to West Africa or

Europe, and cost savings will be instigated should no contract materialize in

the near term.

The Ocean Bottom Node operations have continued successfully with the North Sea

Rosebank survey for Chevron. The survey is now in the second phase with node

recovery just commencing whilst shooting is at approximately 65% of total survey

shots.  Both Hugin Explorer deploying, retrieving and maintaining the nodes and

the accompanying source vessel Kondor Explorer have continued to perform

throughout Q2 with minimum downtime and high efficiency.

SeaBird is actively negotiating further employments for the OBN operation with

Hugin Explorer and Munin Explorer as source vessel from August/September 2010,

following the completion of the expected upcoming contract. The Kondor Explorer

is due for a classification and docking in Q4 of approximately 4 weeks and will

not be used as source vessel for Hugin Explorer in the next expected OBN

contract.

For further queries contact:

Tim Isden

CEO SeaBird Exploration

Phone: +971 504 539075

Kai Solberg-Hansen

CFO SeaBird Exploration

Phone: +47 920 51 455

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SeaBird Exploration PLC (Cyprus) `SeaBird` is a global provider of marine 2D and

3D seismic data, solutions for OBN seabed acquisition of 4C/4D multimode

seismic, 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 does

not have a multi-client data library. Main success criteria for the company are

an unrelenting focus on Health, Safety, Security, Environment and Quality

(HSSEQ), combined with efficient collection of high quality seismic data.

All statements in this press release other than statements of historical fact

are forward-looking statements and are subject to a number of risks,

uncertainties and assumptions that are difficult to predict, and are based upon

assumptions as to future events that may not prove accurate. These factors

include SeaBird`s reliance on a cyclical industry and the utilization of the

company's vessels. Actual results may differ substantially from those expected

or projected in the forward-looking statements.

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

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