Oslo-listed SeaBird, a seismic data provider for oil and gas companies, has narrowed its net loss in the fourth quarter, as the company continues implementation of cost cutting measures in order to adapt to weak seismic demand.

SeaBird posted net loss of $6.5 million for the fourth quarter of 2015, compared to net loss of $71.2 million in the corresponding period in 2014. The company ended 2015 in black, with $38.4 million profit, compared to approximately $100 million loss in 2014.

In the fourth quarter of 2015, ended December 31, SeaBird recorded a 3% drop in turnover which amounted to $27.1 million, compared to $28.1 million in Q4 2014 and a 17% increase in quarter-over-quarter revenue of $23.2 million.

Contract revenues for the period were $26.6 million, while the multi-client sales were $0.5 million. There were no vessels utilised for MC during Q4.

SeaBird’s fleet, with 100% utilization, has been employed on TGS Gigante survey in Mexico during the fourth quarter 2015, and most of its current backlog predominantly relates to this project.

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

Due to the challenging market conditions three vessels remain laid-up, namely the Geo Pacific, Voyager and Munin Explorer.

“Global seismic demand continued to be weak in the fourth quarter and there are no signs of market improvement. Oil industry spending is anticipated to remain depressed through 2016 and the seismic sector is expected to remain under pressure as a result,” the company said in a press statement.

Subsea World News Staff