SeaBird Sees Deficit Shrink

Oslo-listed SeaBird has narrowed its quarterly loss for the period ended September 30, 2018 as revenues picked up on higher utilization, compared to prior-year third quarter.

The seismic data provider for oil and gas companies posted loss of around $4.6 million for the third quarter of 2018, compared to loss of $26 million in the corresponding period in 2017.

SeaBird generated Q3-2018 revenues of $5.4 million, against $2.6 million in Q3 2017. Revenues for the first nine months of 2018 fell close to $0.7 million at $13.1 million.

SeaBird’s active fleet utilization was at 55 percent, up from 22 percent sequentially – backed by reactivation of the Harrier Explorer and the start of two ocean bottom surveys (OBN) and two 2D surveys.

Quarterly depreciation, amortization and impairment were down at $1.4 million, versus Q2 2017 charges of some $11 million.

The company said it has seen a substantial increase in seismic survey tenders and expects the increased tender volume to continue for the rest of the year.

Result for the first nine months of 2018 improved from last year as the company reduced its loss from $44.8 million in 9M-2017 to $8.3 million.

Subsea World News Staff

Share this article

Follow Subsea World News

Posted on November 8, 2018 with tags .

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

Submarine Networks World 2019

As the key annual gathering for decision makers in the subsea communications value chain, they offer a dedicated platform…

read more >

8th International Conference 2019 Offshore Wind Power Substations

The International Conference Offshore Wind Power Substations is a technical event for experts in the wind industry.

read more >

Wind Turbine Towers

Wind Turbine Towers is a technical event for experts in the wind industry and the goal is to push forward technical development for future tower concepts.

read more >

Seatrade Europe 2019

The three day event will  take place in the hub of the European cruise industry, Hamburg; Germany…

read more >