📋 Tender Overview
SeaBird is pleased to announce its third quarter 2019 report.Headlines Q3 2019Revenues of 16.0 million up 196 from Q3 2018Utilization of 68 up from 55 in Q3 2018Clean EBITDA of 2.0 million up from negative 2.8 million in Q3 2018Market outlook improving with tendering activity pointing up and day rates up approximately 30 YOY showing continued upwards pressureSeaBird implements a more asset-light and flexible business modelSeaBird highgrades fleet and targets global leadership in 2Dniche 3D and sourceSeaBird streamlines operations into project-based organization and moves operations to BergenSeaBird aims to cut SGA by 40 and takes a restructuring charge of approximately 1.2 million in Q4SeaBird sees industry consolidationSeaBird is a global provider of marine acquisition for 2D3D 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 shallowdeep water 2D3D 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 SeaBirds reliance on a cyclical industry and the utilization of the companys vessels. Actual results may differ substantially from those expected or projected in the forward-looking statements.
