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>

<< Oct 2019 >>
MTWTFSS
30 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 2 3

6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

More info

read more >

OCEANS 2019

OCEANS is the bi-annual event for global marine technologists, engineers, students…

read more >

OTC Brasil

The conference is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum…

read more >

Europort 2019

Europort, organised in the world port city of Rotterdam, will be the leading exhibition for special purpose vessels…

read more >