SeaBird Exploration: third quarter 2019 report

7 November 2019, Limassol, Cyprus

SeaBird is pleased to announce its third quarter 2019 report.

Headlines Q3 2019

  • Revenues of $16.0 million, up 196% from Q3 2018
  • Utilization of 68%, up from 55% in Q3 2018
  • Clean EBITDA of $2.0 million, up from negative $2.8 million in Q3 2018
  • Market outlook improving with tendering activity pointing up and day rates up approximately 30% YOY showing continued upwards pressure
  • SeaBird implements a more asset-light and flexible business model
  • SeaBird highgrades fleet and targets global leadership in 2D/niche 3D and source
  • SeaBird streamlines operations into project-based organization and moves operations to Bergen
  • SeaBird aims to cut SG&A by 40% and takes a restructuring charge of approximately $1.2 million in Q4
  • SeaBird sees industry consolidation

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 2019 presentation will be transmitted live here:

Join the meeting

https://join-emea.broadcast.skype.com/sbexp.com/08a01decd26f42e89fad5ab1777d01fb/en-US/

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 22402169

or

Nils Haugestad
CFO SeaBird Exploration
Phone: +47 22402717

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