16 May 2018, Limassol, Cyprus
SeaBird is pleased to announce its first quarter 2018 report.
Summary observations for the quarter
· SeaBird recorded a 50% active vessel utilization in Q1 2018 compared to 42% in Q4 2017. The first quarter was characterized by improved oil exploration sentiment and early indicators of a market recovery.
· Revenues for the quarter were $4.7 million, a decrease of 14% compared to Q4 2017 and down 44% relative to Q1 2017.
· Reported EBITDA was positive $1.0 million compared to negative $2.1 million for Q4 2017 and negative $2.8 million for Q1 2017. EBITDA adjusted for non-recurring items of negative $1.0 million.
· Reported EBIT for the quarter was negative $0.7 million compared to negative $4.8 million for Q4 2017 and negative $6.3 million for Q1 2017. Adjusted EBIT of negative $2.7 million.
· During the quarter, the company agreed to redeliver the Munin Explorer to its owner and decommissioned the Northern Explorer.
SeaBird is a global provider of marine acquisition for 2D/3D and 4D seismic data, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow/deep water 2D/3D and 4D market. Main focus for the company is proprietary seismic surveys (contract seismic). Main success criteria for the company are an unrelenting focus on Quality, Health, Safety and Environment (QHSE), combined with efficient collection of high quality seismic data. All statements in this press release other than statements of historical fact are forward-looking statements and are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include SeaBird's reliance on a cyclical industry and the utilization of the company's vessels. Actual results may differ substantially from those expected or projected in the forward-looking statements.
The first quarter 2018 presentation will be transmitted live here:
Join the meeting (https://join-emea.broadcast.skype.com/sbexp.com/b06c18c81dc24538b8f5862a814e9363)
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act
For further queries contact:
Christophe Debouvry
CEO SeaBird Exploration
Phone: +47 22402705
or
Nils HaugestadCFO SeaBird Exploration
Phone: +47 22402717
SeaBird Report Q1 2018 (http://hugin.info/136336/R/2192851/849269.pdf)
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SeaBird Exploration Plc via Globenewswire
