Ops Setback for SeaBird
- Business & Finance
Oslo-listed seismic player SeaBird said it will experience delays on two surveys previously secured in West Africa and the Americas.
Namely, the 3D survey in West Africa was initially expected to be completed early in Q3 2019 utilizing the Nordic Explorer and is now estimated to be completed in the latter part of Q3.
The 2D survey in the Americas was expected to be completed in the first half of Q3 2019 utilizing the Harrier Explorer and is now estimated to be completed in the second half of the same quarter.
SeaBird said that these production delays and survey extensions are due to difficulties with availability and lead-time of select seismic streamer equipment parts and will result in increased operating expenses, which will negatively affect earnings in both Q2 and Q3 2019.
The Nordic Explorer or the Harrier Explorer will after completion of the current surveys begin on the previously announced contract with Wintershall Dea for 2D acquisition in the Norwegian Sea. The survey has an expected duration of approximately two months, including mobilization.
In light of the recent fleet renewal related acquisitions and the outfitting/rigging of BOA Galatea, the company has decided to decommission the vessel Aquila Explorer. As a part of this decommissioning, select seismic equipment will be removed from the Aquila Explorer and utilized for the seismic outfitting of the BOA Galatea. The decommissioning is expected to be concluded in the third quarter of 2019. The BOA Galatea is expected to enter the market in early 2020 as the “Fulmar Explorer”.