SeaBird reduces quarterly deficit

Oslo-listed SeaBird has recognised net loss of $3.9 million for Q3 2020, against net loss of $5 million in the same period in 2019.

The seismic player recorded revenues of $3 million in Q3, an 81 per cent drop compared to $16 million in Q3 2019.

The company had quarterly vessel utilization of 28 per cent, with four vessels employed on different projects.

This compares with three vessels on projects and 68 per cent utilization in Q3 2019.

Year-to-date SeaBird recognised loss of $10 million, against loss of $12 million in the prior-year comarable period.

Revenues for the first nine months of 2020 increased at $45.5 million, versus 37.5 million in 2019.

According to the company, tendering activity improved in October.

Specifically, SeaBird said on Monday it had won a contract for a 2D survey in the Asia Pacific region. The survey should start in Q1 2021, with an estimated duration of 120 days.

End-September SeaBird said it had decided to pursue a feasibility study into a niche in the renewable energy segment.

The company communicated no further details back then.

An announcement regarding a new business area geared towards the green transition is expected before year end, the company said in its quarterly report.