SeaBird Sees Revenue Boost

Oslo-listed SeaBird has narrowed its quarterly loss for the period ended March 31, 2019 as revenues picked up on higher utilization, compared to prior-year first quarter.

The seismic data provider for oil and gas companies posted loss of around $0.5 million for the first quarter of 2019, compared to loss of $1 million in the corresponding period in 2018.

SeaBird generated Q1-2019 revenues of $12.3 million, against $6.8 million sequentially and $4.7 million in Q1 2018.

Depreciation, amortization and impairment were $2.6 million in Q1 2019 ($1.7 million). The increase is predominantly due to the acquisition of Eagle Explorer and related seismic equipment.

SeaBird’s active fleet utilization was at 76 percent, up from 58 percent sequentially and 50 percent in Q1 2018.

The company announced in April 2019 the acquisition of seismic vessels BOA Galatea and BOA Thalassa. The transaction values the vessels at NOK 185 million on an en-bloc basis.

Subsea World News Staff