Oslo-listed SeaBird has seen more red ink in the third-quarter 2016, on decreased revenue due to lower utilization and reduced fleet size.
The seismic data provider for oil and gas companies posted loss of around $3 million or $0.97 per diluted share for the third quarter of 2016, compared to net loss of $1.7 million or $0.56 per diluted share in the corresponding period in 2015.
For the nine months ended September 30, 2016, SeaBird booked net loss of $1.1 million, versus profit of $44.8 million in the first half of 2015.
In the third quarter of 2016, SeaBird recorded a 12% drop in turnover which amounted to $20.4 million, compared to $23.2 million in Q3 2015, and a 8% decrease in quarter-over-quarter revenue. Contract revenues for the period were $20.1 million, while the multi-client sales were $300K, up from $100K same time last year.
Revenues for first nine months of 2016 were $68.6 million, against $67 million from the prior-year comparable period.
SeaBird’s fleet, with 83% utilization, has mostly been employed on TGS Gigante survey in Mexico during the third quarter 2016. The company said it expects utilization to be low in the fourth quarter and during the winter.
“The fourth quarter is expected to be negatively impacted by idle periods as well as the potential repositioning of vessels before start-up of new projects. We expect the current seismic market softness to continue to impact the seismic sector in 2017,” SeaBird said in its earnings report.
Subesa World News Staff