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SeaBird Exploration: Fourth quarter 2017 report

23 February 2018, Limassol, Cyprus

SeaBird is pleased to report its fourth quarter 2017 report.

Summary observations for the quarter

·     SeaBird recorded a 42.2% active vessel utilization in Q4 2017 compared to 22.1% in Q3.

·     Revenues for the quarter were $5.5 million, an increase of 59% compared to Q4 2016 and up 106% relative to Q3 2017.

·     Contract revenues for the period were $5.5 million, up 112% from Q4 2016 and up 106% relative to Q3 2017.

·     Reported EBITDA was negative $2.1 million compared to negative $1.9 million for Q4 2016 and negative $14.4 million for Q3 2017.  EBITDA adjusted for non-recurring items of negative $1.5 million.

·     Reported EBIT for the quarter was negative $4.7 million compared to negative $5.5 million for Q4 2016 and negative $25.6 million for Q3 2017.  Adjusted EBIT of negative $3.6 million.

·     The company completed an equity offering and a subsequent equity repair offering, raising NOK 105 million in gross proceeds.

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 fourth quarter 2017 presentation will be transmitted live here:

SeaBird Fourth quarter 2017

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


Nils Haugestad
CFO SeaBird Exploration
Phone: +47 22402717

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
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

Copyright © Thomson Reuters 2018. All rights reserved.
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