SeaBird: Seismic Demand Remains Strong

Norwegian seismic vessel operator SeaBird Exploration said Friday that industry demand for its vessels around the world continues to be strong as it reported its second quarter results.

SeaBird added that day rates for both 2D and niche 3D seismic contract surveys remained solid during the second quarter and that, during the period, it experienced stable-to-improving pricing trends in all geographies. "We are not seeing any signs indicating a changing pricing environment and we expect day rates to remain firm for the foreseeable future," the firm said in its 2Q 2013 results statement.

However, SeaBird also reported that vessel repositioning in certain geographies caused some time delays during the quarter. Most significantly, it had two vessels in the Asia Pacific region that required more time than estimated to reengage following the completion of surveys.

The firm said its increased focus on multi-client investment is continuing and that it will be "developing attractive multi-client opportunities throughout our geographic focal areas".

SeaBird's revenues for the quarter were $40.2 million, a decrease of 17 percent compared to 2Q 2012, as the company actively increased its investment in multi-client surveys and prepared its Geo Pacific vessel for its first project and repositioned a number of other vessels. Vessel utilization during the quarter was 79 percent.

Profit on an EBITDA basis for the quarter was $3.7 million (2Q 2012: $17.2 million).