Seabird Narrows Losses

Oslo-listed SeaBird, a seismic data provider for oil and gas companies, has narrowed its net loss in the third quarter, following the company’s financial restructuring and further implementation of cost cutting measures.

SeaBird posted net loss of $1.7 million for the third quarter of 2015, compared to net loss of $20.1 million in the corresponding period in 2014.

In the third quarter of 2015, ended September 30, SeaBird recorded a 2% increase in turnover which amounted at $23.2 million, compared to $22.7 million in Q3 2014 and a 19% increase in quarter-over-quarter revenue of $19.6 million.

Contract revenues for the period were $23.1 million, while the multi-client sales were $0.1 million. There were no vessels utilised for MC during Q3.

SeaBird’s fleet has mostly been employed on TGS Gigante survey in Mexico during the third quarter 2015, and most of its current firm backlog of $75 million predominantly relates to this project.

The company expects utilization of its active vessels to remain relatively high through the completion of this survey.

Due to the challenging market conditions three vessels have been laid-up this year, namely the Geo Pacific, Voyager and Munin Explorer. As part of implemented measures to reduce costs, Seabird plans to reduce crew headcount in line with reduced fleet by the end of this year .