Seabird scraps one vessel, secures work for another

Seismic player Seabird said it has secured an OBN source contract in the North Sea.

According to the Oslo-listed company project mobilisation should take place in July this year.

The company noted that it is a short duration contract where it will use its 3D/2D long offset/source vessel Eagle Explorer.

The next planned work for the Eagle Explorer is a source job in South America announced on 20 April.

Seabird will delay mobilisation for this survey to fourth quarter due to COVID-19.

Vessel sale and refinancing

Additionally, as part of its asset-light strategy and renewal process, Seabird has decided to sell the Harrier Explorer for recycling.

M/V Harrier Explorer joined the fleet after conversion to a 2D and source vessel in Netherlands in 2007.

The sale should complete in early Q3 and will have a small positive cash effect.

Furthermore, the company has now also completed the refinancing of the SBX04 bond loan with a bank mortgage facility.

SeaBird has recognized net loss of $0.3 million for Q1 2020, against net loss of $0.4 million in the same period in 2019.

The company recorded revenues of $25.3 million in Q1, a 105 per cent increase compared to $12.3 million in Q1 2019.

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