10 November 2017, Limassol, Cyprus
The third quarter of 2017 was challenging with continued weak seismic market demand. SeaBird recorded a 22.1% active vessel utilization during the third quarter of 2017 compared to 18.4% in Q2. Starting in October, the company expects to have two vessels in operation for the remainder of the year. Contracting lead-time remains long with substantial competition and high market uncertainty. The company announced the completion of the proposed financial restructuring during the quarter, reducing debt and lease obligations by approximately $37.5 million. The remaining financial debt will be $5.7 million in nominal terms, with no significant debt principal repayments until 2020 and interest and charter hire with a payment-in-kind option. During the quarter, the company announced a private placement equity issue raising NOK 100 million in gross proceeds. The equity issue was approved at the company's general meeting 2 October 2017. During the third quarter, the company implemented a further reduction in onshore headcount and administrative costs. The company expects the SG&A costs to continue to decline in the fourth quarter.
2017 Summary observations for the third quarter
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 2017 presentation will be transmitted live at
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act
For further queries contact:
CEO SeaBird Exploration
Phone: +47 22402705
CFO SeaBird Exploration
Phone: +47 22402717
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