8 November 2018, Limassol, Cyprus
SeaBird is pleased to announce its third quarter 2018 report.
Summary observations for the quarter
- Revenues for the quarter were $5.4 million, compared to $2.9 million Q2 2018 and $2.7 million Q3 2017.
- Reported EBITDA for the quarter was negative $2.8 million compared to negative $2.3 million for Q2 2018 and negative $14.4 million for Q3 2017.
- Reported EBIT for the quarter was negative $4.2 million compared to negative $4.0 million for Q2 2018 and negative $25.6 million for Q3 2017.
- Capital expenditures were USD 1.2 million during the quarter compared to USD 0.1 million in Q3 2017.
- Vessel utilization for the quarter was 55%, compared to 22% in Q2 2018 and 22% in Q3 2017.
About SeaBird: SeaBird is a global provider of marine acquisition for 2D/3D and 4D seismic data, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow/deep water 2D/3D and 4D market. Main focus for the company is proprietary seismic surveys (contract seismic). Main success criteria for the company are an unrelenting focus on Quality, Health, Safety and Environment (QHSE), combined with efficient collection of high quality seismic data. All statements in this press release other than statements of historical fact are forward-looking statements and are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include SeaBird`s reliance on a cyclical industry and the utilization of the company's vessels. Actual results may differ substantially from those expected or projected in the forward-looking statements.
The third quarter 2018 presentation will be transmitted live here:
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This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act
For further queries contact:
Hans Petter Klohs
CEO SeaBird Exploration
Phone: +47 22402718
CFO SeaBird Exploration
Phone: +47 22402717