SeaBird Exploration: second quarter 2019 report

15 August 2019, Limassol, Cyprus

SeaBird is pleased to announce its second quarter 2019 report.

Summary observations for the quarter

- Revenues for the quarter were $9.2 million, compared to $12.3 million Q1 2019 and $2.9 million Q2 2018.

- Reported EBITDA for the quarter was negative $1.7 million compared to positive $2.7 million for Q1 2019 and negative $2.3 million for Q2 2018.

- Reported EBIT for the quarter was negative $7.2 million compared to positive $0.1 million for Q1 2019 and negative $4.0 million for Q2 2018.

- Capital expenditures were $12.5 million during the quarter compared to negative $0.2 million in Q2 2018. 

- Vessel utilization for the quarter was 68%, compared to 76% in Q1 2019 and 22% in Q2 2018.

About SeaBird: 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.