Offshore staff

DUBAI, U.A.E --SeaBird Exploration Ltd. has entered a five-year bareboat charter plus three one-year options with Siem Offshore Inc. SeaBird will convert the DP2 platform supply vessel Siem Mariner into a seismic vessel at a cost of $17 million.

The contract value for the five-year period is $57 million and is scheduled to begin in 2Q 2007. SeaBird will have a purchase option of $48 million at the end of the fixed contract.

The vessel was delivered from Norway's Kleven yard in December 2006.

12/28/2006