SeaBird Swings to Loss

Oslo-listed SeaBird has slipped into the red in the quarter ended March 31, 2017 as revenues fell close to 70 percent on weak market demand.

The seismic data provider for oil and gas companies posted loss of around $7.9 million or $2.57 per diluted share for the first quarter of 2017, compared to profit of $1.8 million or 59 cents per diluted share in the corresponding period in 2016.

In the first quarter of 2017, SeaBird recorded a 67% drop in turnover which amounted to $8.4 million, compared to $27.1 million in Q1 2016, but a 145% increase in quarter-over-quarter revenue. Contract revenues for the period were $8 million, while the rest was generated by multi-client sales.

SeaBird’s active fleet utilization was at 36.4%, up from 28.8% in the previous quarter, but still low due to a weak winter season.

The company booked quarterly restructuring charge of $2.8 million for the vessel Munin Explorer. The vessel is currently estimated to return to operation in the beginning of Q1 2018.

“The first quarter of 2017 was challenging with weak seismic market demand. Although there are signs of market improvement, total vessel utilization for the quarter was low and the timing of a sustained market recovery is still highly uncertain,” SeaBird said in its earnings report.

The company’s shares are being traded on Oslo Stock Exchange at a price of NOK 8.53, down NOK 0.45 from previous close.

Subesa World News Staff

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