SeaBird Exploration sells Brazilian seismic data license

SeaBird Exploration, a marine seismic acquisition provider, has made a license sale of seismic data over the Rio Grande Rise in Brazil.

Illustration; One of SeaBird’s vessels; Source: SeaBird

SeaBird said on Monday that its share of the sale was approximately $0.8 million. The license sale relates to assets which previously were written down to $0.2 million on the balance sheet.

The company added that it would report a gain of $0.7 million in the first quarter, related to this transaction.

SeaBird holds a number of assets with zero book value following impairment testing and write-downs in recent years.

These assets comprise of both multi-client surveys as well as trade receivables and, according to the company’s statement on Monday, it will continue working towards monetizing these assets going forward.

Related news

List of related news articles