SeaBird Reduces Deficit Despite Revenues Drop

Oslo-listed SeaBird has narrowed its quarterly loss for the period ended March 31, 2018 despite revenues dropping some 44 percent, compared to prior-year first quarter.

The seismic data provider for oil and gas companies posted loss of around $1 million for the first quarter of 2018, compared to loss of $7.7 million in the corresponding period in 2017.

In the first quarter of 2018, SeaBird generated revenues of $4.7 million, against $8.4 million in Q1 2017. Revenues were down mainly due to lower activity, the company said.

Contract revenues for the period were $4.7 million, while nothing was generated by multi-client sales.

SeaBird’s active fleet utilization was at 50 percent, up from 42 percent sequentially.

“Market improvement has resulted in a growing number of ocean bottom seismic tenders and we expect a commensurate increase in source vessel demand in the second half of 2018. With higher oil prices, we also expect that exploration spending will increase and positively impact streamer seismic demand,” SeaBird said in Q1 2018 report.

During the quarter, SeaBird redelivered the Munin Explorer to its owner and decommissioned the Northern Explorer.

Cash and cash equivalents at the end of the period were $3.2 million, versus $8.8 million in Q1 2017, of which $1.1 million was
restricted cash in connection with sale proceeds from the decommissioning of Northern Explorer.

Net cash from operating activities was negative $3.7 million in Q1 2018. The negative operational cash flow in quarter one was mainly due to nonrecurring cash costs in relation to discontinued vessels Munin Explorer and Northern Explorer and increased working capital.

Subsea World News Staff

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