SeaBird Shrinks Loss

Oslo-listed SeaBird has narrowed its quarterly loss for the period ended June 30, 2018 on 11 percent higher revenues and lower charges, compared to prior-year second quarter.

The seismic data provider for oil and gas companies posted loss of around $3.6 million for the second quarter of 2018, compared to loss of $11.1 million in the corresponding period in 2017.

In the second quarter of 2018, SeaBird generated revenues of $2.9 million, against $2.6 million in Q2 2017. However, revenues for the first six months of 2018 fell close to 32 percent at $7.6 million.

SeaBird’s active fleet utilization was at 22 percent, down from 50 percent sequentially.

Quarterly depreciation, amortization and impairment were down at $1.7 million, versus Q2 2017 charges of $3.5 million.

Seabird decided to reactivate a third vessel, the Harrier Explorer, which started operations in North West Europe in the third quarter.

The company said it expects improved contract and multi-client utilization in the third quarter and into the fourth quarter.

Result for the 1H 2018 improved from last year as the company reduced its loss from $19 million in 1H 2017 to $4.6 million.

Subsea World News Staff