SeaBird stays in red despite revenue boost

Oslo-listed SeaBird has recognized net loss of $0.3 million for Q1 2020, against net loss of $0.4 million in the same period in 2019.

SeaBird recorded revenues of $25.3 million in Q1, a 105 per cent increase compared to $12.3 million in Q1 2019.

Significant part of revenues in Q1 2020 relates to a 3D survey in Asia, subcontracted to a third party.

The company had 44 per cent vessel utilization in Q1 2020 with four vessels employed on different projects.

This compares with three vessels on projects and 73 per cent utilization in Q1 2019.

In April this year, SeaBird decided to reduce costs further and postpone capex until the market situation normalizes.

The company has implemented these initiatives and contingency
plans for hibernation mode are also in place.