SeaBird narrows its loss

Seismic explorer SeaBird Exploration has managed to tighten its loss during the fourth quarter of 2015. 

The marine acquisition company posted a loss $6.5 million in the fourth quarter of 2015, when compared to $71.2 million loss in 4Q 2014.

When it comes to revenues for the fourth quarter of 2015, SeaBird’s revenues decreased by 3% as the company posted $27.1 million, as opposed to $28.1 million in the same period in 2014.

Operating costs were reduced due to the lay-up of two chartered 3D vessels, Geo Pacific and Voyager Explorer, and one chartered 2D vessel, Munin Explorer, reduced vessel charter rates and lower crew headcount.

Vessel utilization for the five vessels active in the period was 100% with all five active vessels in operation on the Mexico Gigante survey. Three vessels remain stacked.

Looking forward, SeaBird says it continues to experience weak seismic tender activity as the seismic industry remains negatively affected by low oil prices and weak demand for oil exploration. The continued negative market sentiment has increased industry and company-specific risk factors.

Offshore Energy Today Staff