SeaBird Cuts Quarterly Deficit; Full-Year Loss Widens

Oslo-listed SeaBird has narrowed its quarterly loss for the period ended December 31, 2017 as revenues increased close to 60 percent on higher fleet utilization.

The seismic data provider for oil and gas companies posted loss of around $5.9 million or 1 cent per diluted share for the fourth quarter of 2017, compared to loss of $6.9 million in the corresponding period in 2016. Result for the full year 2017 was negative $51 million, versus $8 million loss in 2016.

In the fourth quarter of 2017, SeaBird generated revenues of $5.5 million, compared to $3.4 million in Q4 2016. Total revenues for 2017 amounted to $19.2 million, versus $72 million in 2016.

Contract revenues for the period were $5.5 million, while nothing was generated by multi-client sales.

SeaBird’s active fleet utilization was at 42 percent, up from 22 percent sequentially.

During quarter four, SeaBird completed an equity offering and a subsequent equity repair offering, raising NOK 105 million in gross proceeds. Additional headcount reductions of onshore staff were implemented in Q4.

The company said it expects to have two vessels active towards the end of Q1 2018, and would aim to maintain two vessels in operation throughout the year.

Subesa World News Staff

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