SeaBird Exploration sells Brazilian seismic data license

SeaBird Exploration, a marine seismic acquisition provider, has made a license sale of seismic data over the Rio Grande Rise in Brazil.

Illustration; One of SeaBird’s vessels; Source: SeaBird

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.

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