More Red Ink for SeaBird

Oslo-listed SeaBird has recognized net loss from continuing operations of $11.8 million for Q4 2019, against net loss of $3.7 million in the same period in 2018.

The seismic data provider for oil and gas companies said its profitability in the quarter was negatively affected by restructuring charges of $1.2 million, decommissioning and impairment cost of $3.0 million related to Osprey Explorer and a slump in tendering activity during 2019 which led to low utilization during Q4.

SeaBird recorded revenues of $7.6 million in Q4, a 12% increase compared to $6.8 million in Q4 2018. Full year 2019 revenues were $45 million, compared to $20 million in 2018.

The company had 42% vessel utilization in Q4 2019 with six vessels employed on different projects. This compares with three vessels on projects and 58% utilization in Q4 2018.

Depreciation, amortization and impairment were $5.5 million in Q4 2019 ($2.5 million). Full-year Depreciation, amortization and impairment were close to $17 million, against $7 million in 2018.

Full-year 2019 result was negative with $23 million net loss from continuing operation, versus $13 million in 2018.

For 2020, SeaBird noted that earnings in the first half will be affected by continued moderate utilization in Q1 and the two upgrade projects, but that it expects activity levels to improve markedly in the second half of the year.

Subsea World News Staff