SeaBird Exploration: Notice of Extraordinary General Meeting 13 June 2017

The directors of SeaBird Exploration Plc convene the Extraordinary General Meeting (“EGM”) of the Shareholders on 13 June 2017 at 11.00 (local time) at Diagoras House 7th Floor, 16 Pantelis Catelaris Street, CY 1097 Nicosia, Cyprus.

The company advises that the EGM convened hereby is the extraordinary general meeting referred to in the stock exchange announcement from the Company on 26 May 2017.

The agenda and other relevant documents incl. proxy forms are distributed to the shareholders, attached hereto and are listed on the company’s web-page: www.sbexp.com

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Magseis: First quarter 2017 results

HIGHLIGHTS – First Quarter
  • Strong operational performance results in best financial quarter to date
  • Awarded an extension to Red Sea survey for BGP and Saudi Aramco
  • Raised USD 40 million of new equity to finance planned expansion
  • Started preparations for the rigging of our second high-capacity cable vessel
  • Revenue of USD 21.1 million compared to USD 18.1 million in 2016
  • EBITDA of USD 8.3 million compared to USD 1.6 million in 2016
  • EBIT of USD 4.8 million compared to USD -2.5 million in 2016
  • Net Income of USD 3.5 million compared to USD -3.9 million in 2016

 

Idar Horstad, CEO Statements:

“Q1 was another strong quarter for Magseis with USD 21.1 million in revenue, EBITDA of USD 8.3 million and a net profit before tax of USD 4.3 million. This demonstrates the efficiency of our operation in the Red Sea and robustness of our equipment as well as the very good cooperation with our partner BGP and Saudi Aramco. Based on this performance, we were awarded the S-78 Extension which is now well underway.
The preparations for the ConocoPhillips Ocean Bottom Seismic (OBS) 4D project on the Eldfisk Field in the southern North-Sea are progressing well and we are on plan with respect to building new equipment and recruiting staff for this mobile ”smart-operation.” The Eldfisk project represents a step change in OBS operations with a set up that reduces the cost of OBS data significantly for our customers. This lowers the adoption barrier and will result in an expansion of the customer base and a larger market.
During the first quarter, we successfully raised USD 40 million in new equity in a process that was met with significant interest from investors. We are very pleased to see that most of our existing shareholders participated in the new funding and welcome our new shareholders. The new capital will, in combination with additional funding, allow us to expand our capacity by 10,000 new MASS nodes, rig a new high capacity cable handling vessel and continue to improve our technology to provide new innovative and cost efficient solutions to our clients.
The preparations for our new cable vessel are progressing well. We have placed orders for long lead items and started to recruit additional staff. More than 20 different ship owners were invited to participate in the tender process and final negotiations are ongoing. We expect to announce the new charter party before the summer. The new vessel will have a capacity to handle up to 1,000 km of cable, more than 10,000 nodes and have permanent ROV capability onboard. This vessel represents a game changer for the OBS market and a significant step towards our Vision: “To re-shape the Ocean Bottom Seismic Market”.

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Bridgeporth: Presenting at Paris EAGE workshop

Jonathan Watson, General Manager at Bridgeporth, will be presenting at an EAGE workshop on 12 June. His poster presentation will concentrate on the latest advances in gravity instrumentation, how to apply the correct technique for the correct target and how to maximise its impact on the exploration cycle.

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Geometrics: Asian Representative Meeting in Tsukuba, Japan

In April of this year, Geometrics Inc. held its first ever Asian Representative Meeting. With the amazing help of their parent company, OYO Corporation, Geometrics hosted representatives from India, Singapore, Korea, China, and Taiwan at OYO’s headquarters in Tsukuba, Japan. This was also a great opportunity for Bart Hoekstra, VP of Sales, as well as sales people, Nick Odlum and Naiema Jackson, to become better acquainted with OYO personnel.

A similar meeting was held in February of 2015 with invitations to our representatives from all over the world. What a great turn out it was! Representatives from 15 different companies flew to San Jose, California to meet and talk with us. Although this was a good turnout, there wasn’t enough time to hear from everyone. This fact prompted Geometrics to host a meeting in Asia where our Asian representatives would not have to travel so far and could have another opportunity to express their successes, concerns, and recommendations.

The Asian Representative Meeting began on April 19th with presentations by Geometrics’ sales staff about new products and future company plans. On April 20th, the entire group joined together in the evening for a spectacular traditional Japanese dinner. April 21st was Demo Day, and the sales people set out our newest products from each product line and gave demonstrations on these products. The products demonstrated include the highly anticipated Atom Passive Seismic System, the unique GeodeEM3D AMT/CSAMT System, and the innovative G-864 Cesium Magnetometer with Android Data Logger.

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Seabird Exploration : Harrier Explorer to NW Europe

2D work in NW Europe.
SeaBird Exploration is pleased to announce that it has signed a letter of award for some 2D work in NW Europe for an undisclosed client, subject to contract. The project is due to commence in third quarter and will have a duration of approximately two to three weeks. SeaBird will be using the Harrier Explorer for the project.
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PGS: President & CEO Jon Erik Reinhardsen Retires

Petroleum Geo-Services ASA  (“PGS” or “the Company”) today announce that President & CEO Jon Erik Reinhardsen (60) has informed the Board of Directors that he wishes to retire, in accordance with his employment contract. The Board has accepted August 31, 2017 as his last day of service, and initiated the process to find his successor.

Chairperson Walter Qvam said in a statement:

“We are grateful for Jon Erik Reinhardsen’s strong and very capable leadership of PGS during 10 important years for the Company. He has led the Company through the challenging years of the financial crisis and recently the oil price fall. During this period PGS has become the world’s leading marine seismic acquisition company through a strategic decision to upgrade the Company’s Ramform fleet with the most productive acquisition vessels in the world, equipped with the state of the art GeoStreamer technology. PGS has as well taken a leadership position within its MultiClient and Imaging businesses through efficiency gains and quality improvements.

After the recent successful refinancing and with the considerably reduced cost base, the Company is now well-positioned to take advantage of future market opportunities.”

Jon Erik Reinhardsen commented:

“I am honored to have met and worked with so many great people during my tenure at PGS. I thank colleagues and the Board for all their support and great cooperation and look forward to following their future success.”

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PGS and TGS Ramp Up 3D Activity Offshore Eastern Canada

      

Petroleum Geo-Services ASA (“PGS” or “the Company”) and TGS announce two new MultiClient 3D seismic projects offshore Eastern Canada. Following on from the recently announced 2017 2D seismic campaign and the Cape Broyle 3D, the joint venture is now ramping up its 3D seismic acquisition in Newfoundland Labrador with these additional projects, reflecting high customer interest in this region.

East Flemish Pass 3D Phase II is a 1,950 square kilometers extension of a 3D survey that was acquired by the joint venture in 2016 in the Eastern Newfoundland region. The survey will extend eastwards into block EL1150, which is expected to see drilling activity in the future.

Harbour Deep 3D will comprise a minimum of 2,700 square kilometers of 3D GeoStreamer data in the Eastern Newfoundland region covering a mix of held and open acreage to be included in the November 2018 licensing round under Newfoundland Labrador’s Scheduled Land Tenure system.

Following completion of these surveys the jointly-owned library will have more than 175,000 line kilometers of 2D GeoStreamer data and 19,400 square kilometers of 3D GeoStreamer data. An expansive well log library is also available in the region, along with advanced MultiClient interpretation products that will improve play, trend and prospect delineation.

“Our growing MultiClient data library benefits the oil companies exploring this high potential area, and makes us well positioned for upcoming license rounds. This will be our most active season in the Newfoundland Labrador region to date, reflecting high customer interest,” says Jon Erik Reinhardsen, President & CEO of PGS.

“Newfoundland Labrador continues to attract high interest from E&P companies. We have built significant geological and operational experience in this region over many years which, combined with the leading multi-client data library, positions us well to support E&P companies in their drilling and exploration activities,” commented Kristian Johansen, CEO of TGS.

Fugro: Completes the deep foundation testing for signature Tower in Dubai

 

 

 

 

Fugro: Completes the deep foundation testing for Signature Tower in Dubai

Fugro has played a key role in the ground engineering of the Dubai Creek Tower, a vast slender structure which will comprise a central concrete column supported by a network of steel cable stays.

Because of its significant height and design, ground engineering was critical in the programmed schedule and foundation design. Fugro was appointed to provide data collection and interpretation that could be relied upon by the construction contractor leading the foundation design and engineering. The testing and monitoring project ran from June 2016 to August 2017.

Utilising the most advanced mathematics, engineering and physics known to man, the Dubai Creek Tower is expected to be one of the most significant structures ever created. “Fugro carried out one of the most comprehensive geotechnical investigations in the region. We then tested the in situ performance of the proposed foundations in order to optimise the final design of the core and the cable anchorage foundation design,” explained Joyshwin Sumputh, Fugro’s Service Line Manager.

The contract for the foundation design and construction of Emaar Properties PJSC’s Dubai Creek Tower was awarded to Soletanche Bachy in June 2016. The company’s DCH Tower Project Manager, Vincent Leblois, described the project: “This is probably one of the most challenging and demanding buildings under construction in the world.”

The first step was a campaign of preliminary load testing to ascertain the ground geotechnical characteristics and finalise the detailed design of the deep foundations. Soletanche Bachy needed a partnering team that would enable its success from the outset. “Based on previous experience in Dubai, we knew that Fugro would be the only company capable of mobilising the necessary resources and completing these tests in line with our tight schedule,” continued Leblois.

The project specifications also called for a state-of-the-art, robust system including the use of fibre optics to carry out the intense static load test programme using Fugro’s Osterberg Cells® (O-cells). Close collaboration, as well as Fugro’s worldwide network and engineering capabilities, allowed the team to successfully complete the preliminary testing scope of works in due time and set the right pace for the project.

Leblois concluded, “The Fugro team’s professionalism, reactivity and continuous support were key factors in this achievement which also resulted in breaking the world record for deep foundation testing load applied on a single barrette (36,300 tons).”

Many ultra-high capacity piles and barrettes are being designed today as a direct result of Fugro’s ability to verify their capacity. In Dubai Fugro performed additional tests to confirm the assumptions of the design were within safe working loads. “We tested six working barrettes, full scale, to validate the optimised final design for the foundation construction,” added Sumputh. “Each barrette was instrumented with a single level O-cell assembly and installed with minimal disruption to the programme. Grouting the O-cells after testing enabled the working barrettes to be incorporated into the foundation structure.” Fugro also conducted over 250 kilometres of sonic reading to provide quality assurance for the concrete integrity of the tower’s permanent foundations.

Construction of the Dubai Creek Tower is expected to be completed by 2020.

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