SeaBird Exploration: first quarter 2019 report

29 May 2019, Limassol, Cyprus

SeaBird is pleased to announce its first quarter 2019 report.

Summary observations for the quarter

- Revenues for the quarter were $12.3 million, compared to $6.8 million Q4 2018 and $4.7 million Q1 2018.

- Reported EBITDA for the quarter was positive $2.7 million compared to negative $1.2 million for Q4 2018 and positive $1.0 million for Q1 2018.

- Reported EBIT for the quarter was $0.1 million compared to negative $3.6 million for Q4 2018 and negative $0.7 million for Q1 2018.

- Capital expenditures were $0.5 million during the quarter compared to negative $0.6 million in Q1 2018.

- Vessel utilization for the quarter was 76%, compared to 58% in Q4 2018 and 50% in Q1 2018.

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.