SeaBird Exploration: fourth quarter 2019 report

28 February 2020, Limassol, Cyprus

SeaBird is pleased to announce its fourth quarter 2019 report.

Summary observations for the quarter

  • Revenues of $7.6 million, up 12% from Q4 2018
  • Utilization of 42%, down from 58% in Q4 2018
  • Restructuring charge of $1.2 million and a decommissioning and impairment charge of $3.0 million
  • Adjusted EBITDA of  negative $3.8 million, down from negative $1.2 million in Q4 2018
  • Market outlook sees modest improvement for 2020; 2D activity improving and OBN market remains healthy
  • Delivery on the new strategy communicated on 7 November 2019:
    • cost cutting according to plan
    • relocation
    • reorganization while improving technical downtime
    • fleet renewal without major capex while adding flexibility to costs and a lighter balance sheet
  • Subsequent to quarter end, SeaBird agrees to a $16 million long-term credit facility

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 fourth quarter 2019 presentation will be transmitted live here:

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act

For further queries contact:

Gunnar Jansen
CEO SeaBird Exploration
Phone: +47 9411 9191