SeaBird Exploration Plc: first quarter 2020 report
15 May 2020, Limassol, Cyprus
SeaBird is pleased to announce its first quarter 2020 report.
Summary observations for the quarter
* Revenues of $25.3 million, up from $12.3 million in Q1 2019
* Utilization of 44%, down from 76% in Q1 2019
* EBITDA of $1.8 million, down from $2.7 million in Q1 2019
* Market outlook negatively impacted by COVID-19
* Further cost cuttings have been implemented
* Signed loan agreement for $16m 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 first quarter 2020 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 (acting)
Mob: +47 941 19 191
Erik von Krogh
CFO
Mob: +47 930 38 075
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