SeaBird inks LOI for Fulmar Explorer

Seismic firm SeaBird Exploration has signed a letter of intent (LOI) for a source vessel contract in the Western Hemisphere.

SeaBird’s 80-metre long source vessel Fulmar Explorer would carry out the work programme for a “leading operator”.

The contract is expected to start in the fourth quarter of 2021 and has an expected duration of about four months.

To remind, SeaBird Exploration secured a three-year credit facility at the beginning of last year with SpareBank 1 to outfit Fulmar Explorer for seismic operations.

The Cyprus-headquartered company also used the proceeds from the loan to repay a bond loan that expired last June.

In March this year, SeaBird won a new contract for the provision of source vessel services for an ocean bottom node (OBN) survey in the Eastern hemisphere.