SeaBird Cuts Loss

Oslo-listed SeaBird has narrowed its quarterly loss for the period ended December 31, 2018 as revenues picked up on higher utilization, compared to prior-year fourth quarter.

The seismic data provider for oil and gas companies posted loss of around $3.7 million for the fourth quarter of 2018, compared to loss of $4.8 million in the corresponding period in 2017.

SeaBird generated Q4-2018 revenues of $6.8 million, against $5.5 million in Q4 2017. Revenues for the twelve months of 2018 were up $0.7 million at $19.9 million.

SeaBird’s active fleet utilization was at 58 percent, up from 55 percent sequentially and 42 percent in Q4 2017.

Result for the first twelve months of 2018 improved from last year as the company reduced its loss from $50 million in 2017 to $13 million.

Subsea World News Staff