Weak market, 3D vessels pull SeaBird down

SeaBird Exploration, a seismic survey company, has recorded a net loss of $20.2 million in the third quarter of 2014, compared to a net income of $4.0 million in the same period in 2013.

The revenues were $22.7 million versus $50.9 million in the third quarter of 2013. Seabird said that the revenues dropped primarily due to lower fleet utilization during the quarter.

In its explanation for the drop in the results, SeaBird has blamed weak demand in the global seismic market, as oil companies are cutting spending due to the plunging oil prices.

SeaBird, which operates a fleet of mainly 2D seismic vessels, was also pressured by the large amount of 3D seismic vessels operating in the 2D markets.

The company said that it expected that the weak market would hit its earnings and vessel utilization for the rest of the year.

“Given the challenging market situation, the company is actively looking at savings initiatives to reduce the company’s cost level. As a part of this effort, we are also reviewing the lay-up of vessels until market demand recovers.”

“Longer-term, we expect that the scheduled exit of a number of 3D vessels currently operating in our markets will benefit the company,” SeaBird said.

 

Offshore Energy Today Staff

 

Share this article

Follow Offshore Energy Today

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply