SeaBird Sinks Deeper on Project Delays

Oslo-listed SeaBird has seen its quarterly loss widened for the period ended June 30, 2019 as revenues picking up was offset by higher costs and delays on two previously announced seismic acquisition campaigns.

The seismic data provider for oil and gas companies posted loss of around $6.6 million for the second quarter of 2019, compared to loss of $2.7 million in the corresponding period in 2018.

SeaBird generated Q2-2019 revenues of $9.2 million, against $12.3 million sequentially and $2.9 million in Q2 2018. Revenues for first half of 2019 were $21.5 million, versus $7.6 million.

The profitability in the quarter was negatively affected by project delays and increased operating expenses on the Nordic Explorer 3D survey in West Africa and the Harrier Explorer 2D survey in South America.

SeaBird’s active fleet utilization was at 68 percent, down from 76 percent sequentially and up from 22 percent in Q2 2018.

Following the acquisition of the Eagle Explorer in 2018, the company has recently completed the acquisition of the 2008/2009-built seismic vessels BOA Galatea and BOA Thalassa (to be renamed Petrel Explorer and Fulmar Explorer).

Subsea World News Staff

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