SeaBird Warns of Continued Weakness in the Seismic Market

Norwegian survey firm SeaBird Exploration warned Friday that it expects the current softness in the market for seismic data acquisition to continue to adversely affect its industry in 2015.

However, SeaBird added that in the longer term it expects that continued interest in frontier exploration and the scheduled exit of a number of 3D vessels currently operating in its markets will benefit the company.

Reporting its results for the fourth quarter of last year, SeaBird said that multi-client activity had been robust during the 4Q 2014 with the completion of two projects and solid sales from recently-completed projects in Asia and Europe. Revenues during 4Q 2014 were $28.1 million, down 27 percent compared to 4Q 2013, while SeaBird made an operating loss at the EBITDA level of $28.5 million (4Q 2013: $3.9 million profit).

SeaBird said that multi-client revenues were $4.6 million – down 11 percent from $5.1 million reported in 4Q 2013 and a decrease of 28 percent from the $6.3 million the firm reported for 3Q 2014.

Vessel utilization during 4Q 2014 was 57 percent – down from 65 percent during the third quarter. Technical downtime for the fleet was six percent, which was double that for the previous quarter. The firm also said that the company decided to lay up its Voyager Explorer in November due to the weakness experienced in demand for 3D seismic surveys.

 



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
 -  Report: Hiring Managers See Salaries S... (Mar 23)
 -  Repsol Chooses Atlas for Onshore, Offs... (Mar 23)
 -  OGA Awards 25 Licences for 111 UKCS Bl... (Mar 23)
 -  UK Minister Brands Oil Worker Discrimi... (Mar 23)
 -  Analyst Sees Possible Crest for US Gas... (Mar 22)


Most Popular Articles

From the Career Center
Jobs that may interest you
Drafter/Graphic Designer
Expertise: Drafting
Location: Houston, TX
 
MWD Engineer/Operator - Confidential
Expertise: MWD / LWD
Location: Oklahoma City, OK
 
Contract Directional Driller - Confidential
Expertise: Directional Driller|MWD / LWD
Location: Oklahoma City, OK
 
search for more jobs

Brent Crude Oil : $50.64/BBL 0.62%
Light Crude Oil : $48.04/BBL 1.47%
Natural Gas : $3.01/MMBtu 2.58%
Updated in last 24 hours