SeaBird Exploration to Stack Munin Explorer Vessel

Oil and gas services firm SeaBird Exploration announced Thursday that it will stack the Munin Explorer vessel this month, following its completion of a charter contract with SeaBed Geosolutions.

The Munin Explorer, which can operate as either a 2D long offset or source vessel, joined Seabird in 2007. It was built in 1990, rebuilt in 2007, and is 216 feet in length. In May this year, SeaBird Exploration revealed that its vessel utilization for the first quarter of 2015 was 58 percent. The company announced that revenues for 1Q 2015 were $24.2 million, which marked a decrease of 28 percent compared to the same period last year. EBITDA for 1Q was $8.2 million, compared to $10.2 million for 1Q 2014.

Commenting on the Munin Explorer stack, a SeaBird Exploration press release stated:

“SeaBird Exploration has made a decision to stack Munin Explorer following its completion of the long-term time charter contract with SeaBed Geosolutions in August 2015.”