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).

 

 

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Petrofac Suspends Group Chief Operatin... (May 25)
 -  EnQuest On Track For Kraken First Oil ... (May 25)
 -  Energean Signs Lease Agreement for Exp... (May 25)
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
United States San Antonio/Elmendorf: Dispatcher
Expertise: Cementing
Location: Elmendorf, TX
 
Mudlogger - NE Region
Expertise: Mud Logging
Location: Pennsylvania, PA
 
Equipment Operator - San Antonio
Expertise: Coil Tubing|Driller|Production Operator
Location: San Antonio, TX
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours