SeaBird Exploration has reached an agreement for the sale and decommissioning of the vessel Hawk Explorer.
The decommissioning of the vessel is a part of the company’s efforts to reduce cost and adjust fleet capacity to better reflect current market demand, SeaBird explained.
The company will retain the seismic equipment of the vessel.
On September 01, 2016, the company entered into an agreement to purchase the Hawk Explorer and related equipment. The purchase contract also called for the cancellation of all future lease payments and additional obligations as required under the then prevailing charter agreement.
The purchase, the cancellation of the lease agreement and the subsequent sale of the vessel, is estimated to result in a net pre-tax loss of approximately USD 8.9 million in Q3 2016.