SeaBird: 3D Seismic Vessels Taking on More 2D Jobs

The offshore industry for 2D seismic surveys is seeing increasing competition from 3D vessels, according to Norway's SeaBird Exploration.

SeaBird said that its niche 3D seismic market is still to recover, with tender activity remaining below historical market levels. Meanwhile, overall 2D market activity has moderated, which the firm said would negatively affect its third quarter.

The company added that pricing in all segments and regions has generally remained firm but that it also believes that the current market situation may have a negative impact on pricing in the second half of the year. Meanwhile, multi-client "late sales" have been slower to materialize and securing pre-funding for new projects has been taking longer.

Despite the cautious outlook, SeaBird reported that revenues for the three months to July 31 increased 19 percent to $44.7 million compared to 2Q 2013 and it noted that these revenues were up 33 percent relative to 1Q 2014. Profit at the EBITDA level was $12.6 million, compared to $3.1 million for 2Q 2013 and $10.2 million for 1Q 2014.

 



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
 -  Santos Successfully Drills the AAL-4XS... (Jun 28)
 -  ABS, Keppel's KOMtech Collaborate on J... (Jun 28)
 -  Aban Offshore Bags $87M Contract to Pr... (Jun 28)
 -  McDermott Secures $454M EPCI Contract ... (Jun 28)
 -  Intertek Clinches Inpex-operated Ichth... (Jun 28)


Most Popular Articles

From the Career Center
Jobs that may interest you
Assistant Manager
Expertise: Well Control|Well Servicing & Testing
Location: Sidney, MT
 
Service Operator I to Service Specialist I - Coil Tubing
Expertise: Coil Tubing
Location: Prudhoe Bay, AK
 
United States, Houston: Product Champion - Well Intervention
Expertise: Project Management|Sales|Slickline
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $47.16/BBL 2.58%
Light Crude Oil : $46.33/BBL 2.74%
Natural Gas : $2.71/MMBtu 1.87%
Updated in last 24 hours