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SeaBird Exploration Plc: third quarter 2020 report

SeaBird Exploration Plc
·2-min read

6 November 2020, Limassol, Cyprus

SeaBird Exploration Plc is pleased to announce its third quarter 2020 report.

Headlines Q3 2020

  • Revenues of $3.0 million, down from $ 16.0 million in Q3 2019

  • EBITDA negative $0.6 million, up from negative $1.6 million in Q3 2019

  • Positive OCF for the quarter and YTD

  • Utilization of 28%, down from 68% in Q3 2019

  • SG&A down more than 50% compared to Q3 2019

  • Gunnar Jansen appointed CEO

  • Market outlook negatively impacted by COVID-19 and oil price collapse. Key priorities are to safeguard our people and financial position

  • Tendering activity improved in October

  • A 2D award in the Eastern Hemisphere was awarded after the end of the quarter

  • An announcement regarding a new business area geared towards the green transition is expected before year end

The company will host a webcast at 08:00 CET today. Please use the following link to join the webcast:

https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZDE2NGU2Y2YtZTIxZC00MDUyLTkxZmEtYjZlOTRkYzQ3OGU3%40thread.v2/0?context=%7b%22Tid%22%3a%22d7181576-1d07-4383-b8ac-6451ab33feae%22%2c%22Oid%22%3a%22ab38ca4b-0069-4d66-b5ab-30f40647842e%22%2c%22IsBroadcastMeeting%22%3atrue%7d

SeaBird is a global provider of high quality marine seismic operations within the source vessel and 2D market, as well as in the shallow water 3D market The Company has a strong focus on Quality, Health, Safety and Environment, combined with cost efficient services to its customers.

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.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

For further queries contact:

Gunnar Jansen
CEO
Mob: +47 941 19 191

or

Erik von Krogh
CFO
Mob: +47 930 38 075

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