SeaBird Financial Struggle Continues, Revenues Down 88%

Oslo-listed SeaBird has seen red in the quarter ended June, 2017 as revenues fell some 88 percent on continued weak market demand.

The seismic data provider for oil and gas companies posted loss of around $11 million or $3.64 per diluted share for the second quarter of 2017, compared to profit of 3 cents per diluted share in the corresponding period in 2016.

In the second quarter of 2017, SeaBird generated revenues of $2.6 million, compared to $22.2 million in Q2 2016. Total revenues for the first six months of 2017 amounted to $11 million, versus $48 million in the prior-year comparable period.

Contract revenues for the period were $2.4 million, while the rest was generated by multi-client sales.

SeaBird’s active fleet utilization was at 18.4%, down from 36.4% in the previous quarter.

During quarter two, the company implemented a further reduction in onshore headcount and a complete conversion of all offshore crew contracts to flexible voyage contracts.

Earlier this month, SeaBird said it had obtained all consents required for the restructuring it presented in May this year, leaving the company with financial debt of $5.7 million with no
significant debt principal repayments until 2020.

Nevertheless, the company said it is still in urgent need of equity financing in order to enable it to continue trading as a going concern and avoid initiating voluntary liquidation procedures in Cyprus.

SeaBird is said to be in active dialogue with potential capital sources. Any issuance of further equity capital is likely to result in substantial dilution to existing shareholders, the company noted.

Subesa World News Staff

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