Red Ink for SeaBird

Oslo-listed SeaBird has seen more red ink in the fourth-quarter 2016, on sharp revenue drop due to lower utilization and reduced fleet size.

The seismic data provider for oil and gas companies posted loss of around $6.9 million or $2.25 per diluted share for the fourth quarter of 2016, compared to net loss of $6.5 million or $2.11 per diluted share in the corresponding period in 2015.

For the year 2016, SeaBird recognised net loss of $8 million, versus profit of $38.3 million in 2015.

In the fourth quarter of 2016, SeaBird recorded a 87% drop in turnover which amounted to $3.4 million, compared to $27.1million in Q4 2015, and a 83% decrease in quarter-over-quarter revenue. Contract revenues for the period were $2.6 million, while the multi-client sales were $900K, up from $500K same time last year.

Revenues for the twelve months of 2016 were $72 million, against $94 million from the prior-year comparable period.

SeaBird’s fleet utilization was in line with expectations of winter season at 29%, down from 84% in the previous quarter.

“ SeaBird continues to evaluate and execute savings initiatives to reduce the company’s overall cost level and this may include temporary stacking of additional vessels.

While we are seeing a significant pick-up in requests for quotes, the first quarter 2017 revenues are expected to be negatively impacted by idle periods as well as the potential repositioning of vessels before start-up of new projects. The company is reviewing a number of survey opportunities. However, the current market uncertainty makes it difficult to predict the level of contract coverage that is possible to obtain.” SeaBird said in its earnings report.

As of December 31, 2016, the company has a contract backlog of $6.3 million.

Subesa World News Staff

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