SeaBird Sees Deficit Shrink

  • Business & Finance

Oslo-listed SeaBird has narrowed its quarterly loss for the period ended September 30, 2018 as revenues picked up on higher utilization, compared to prior-year third quarter.

The seismic data provider for oil and gas companies posted loss of around $4.6 million for the third quarter of 2018, compared to loss of $26 million in the corresponding period in 2017.

SeaBird generated Q3-2018 revenues of $5.4 million, against $2.6 million in Q3 2017. Revenues for the first nine months of 2018 fell close to $0.7 million at $13.1 million.

SeaBird’s active fleet utilization was at 55 percent, up from 22 percent sequentially – backed by reactivation of the Harrier Explorer and the start of two ocean bottom surveys (OBN) and two 2D surveys.

Quarterly depreciation, amortization and impairment were down at $1.4 million, versus Q2 2017 charges of some $11 million.

The company said it has seen a substantial increase in seismic survey tenders and expects the increased tender volume to continue for the rest of the year.

Result for the first nine months of 2018 improved from last year as the company reduced its loss from $44.8 million in 9M-2017 to $8.3 million.

Subsea World News Staff

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