Marine seismic services firm SeaBird Exploration, a subsidiary of SED Energy Holdings Plc, has confirmed the extension of a strategic contract that will allow its Fulmar Explorer vessel to continue OBN source operations until mid-2026.
Consolidation in the western hemisphere
The announced extension extends the current contract for an additional three months, with an option to extend for a further three months. This agreement strengthens SeaBird’s presence in the Western Hemisphere and ensures the continuity of its specialized seismic services through a reliable platform built in 2009.
The vessel, designed for geophysical survey work, has been active since September under the initial contract and will continue to generate high-quality data for an undisclosed client.
Fulmar Explorer: a key operational asset
The Fulmar Explorer, considered a source vessel with robust capabilities, is a key player in ocean bottom node (OBN) programs, a key technology in obtaining more accurate seismic images.
The contract, which maintains the original commercial terms, allows SeaBird to maintain a steady revenue stream without logistical interruptions. It also strengthens Energy Holdings’ position in the offshore sector, backed by a conservative capital structure and a diversified portfolio of resilient assets.
Disciplined approach and value generation
With this transaction, Energy Holdings reaffirms its strategy of disciplined growth, prioritizing cash-generating assets and maintaining its commitment to return liquidity to shareholders. The company continues to explore additional opportunities to expand its participation in OBN projects.
The parties involved have not disclosed additional financial details, although operational transparency and adherence to schedules underpin market confidence in the company’s management.
Source and photo: Energy Holdings