SeaBird Ends Q3 with 87% Revenue Drop

Oslo-listed SeaBird has seen its loss widened in the quarter ended September 30, 2017 as revenues fell some 87 percent on continued weak market demand.

The seismic data provider for oil and gas companies posted loss of around $26 million or 73 cents per diluted share for the third quarter of 2017, compared to loss of $3 million in the corresponding period in 2016. Result for the first nine months was negative $45 million, versus $1 million loss in 2016.

In the third quarter of 2017, SeaBird generated revenues of $2.7 million, compared to $20.4 million in Q3 2016. Total revenues for the first nine months of 2017 amounted to $13.7 million, versus $68.6 million in the prior-year comparable period.

Contract revenues for the period were $2.7 million, while nothing was generated by multi-client sales.

SeaBird’s active fleet utilization was at 22.1 percent, down from 78.6 percent same time last year.

During quarter three, the company completed financial restructuring reducing debt and future charter hire by $37.5 million and issued new shares valued at $30.6 million. Additional headcount reductions were implemented in Q3 with more expected in Q4.

Furthermore, SeaBird announced private placement equity issue raising NOK 100 million in gross proceeds. Closing of the transaction was effectuated subsequent to quarter end.

The company said it expects higher utilization than Q3 with both Voyager Explorer and Osprey Explorer planned to be active on their current projects into Q1 2018.

Subesa World News Staff

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