SeaBird Exploration, a marine seismic acquisition provider, has made a license sale of seismic data over the Rio Grande Rise in Brazil.
SeaBird said on Monday that its share of the sale was approximately $0.8 million. The license sale relates to assets which previously were written down to $0.2 million on the balance sheet.
The company added that it would report a gain of $0.7 million in the first quarter, related to this transaction.
SeaBird holds a number of assets with zero book value following impairment testing and write-downs in recent years.
These assets comprise of both multi-client surveys as well as trade receivables and, according to the company’s statement on Monday, it will continue working towards monetizing these assets going forward.