SeaBird Exploration: fourth quarter 2018 report

26 February 2019, Limassol, Cyprus

 

SeaBird is pleased to announce its fourth quarter 2018 report.

 

Summary observations for the quarter

 

- Revenues for the quarter were $6.8 million, compared to $5.4 million Q3 2018 and $5.5 million Q4 2017. 

 

- Reported EBITDA for the quarter was negative $1.2 million compared to negative $2.8 million for Q3 2018 and negative $2.1 million for Q4 2017.

 

- Reported EBIT for the quarter was negative $3.6 million compared to negative $4.2 million for Q3 2018 and negative $4.8 million for Q4 2017.

 

- Capital expenditures were $19.8 million during the quarter compared to $ nil in Q4 2017.

 

- Vessel utilization for the quarter was 58%, compared to 55% in Q3 2018 and 42% in Q4 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 fourth quarter 2018 presentation will be transmitted live here:

 

Join the meeting

 

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

 

or

 

Nils Haugestad

CFO SeaBird Exploration

Phone: +47 22402717

SeaBird Q4 2018 report
SeaBird Q4 2018 investor presentation

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SeaBird Exploration Plc via Globenewswire