Oslo-listed SeaBird has recognised net loss of $3 million for Q4 2020, against net loss of close to $12 million in the same period in 2019.
Full-year result was also negative, but improved compared to 2019 ($13 million loss vs. $23.3 million loss).
The seismic player, which is targeting seabed mining market in the future, recorded revenues of $1.9 million in Q4, down from $7.6 million in Q4 2019.
For the year 2020, SeaBird upped its revenue at $47.3 million from $45.1 million in 2019.
The company had two vessels on projects during the quarter and a vessel utilisation of 29 per cent.
Cash and cash equivalents at the end of the quarter were $6.3 million ($3.6 million in Q4 2019).
Restructuring for the future
The company said it has cut its operational costs by some 40 per cent during 2020.
This included reducing its workforce by approximately 65 per cent during a complete corporate restructuring.
SeaBird said its strategy for 2021 will see outfitting the Fulmar Explorer as a top-tier OBN vessel; Outfitting the Geo Barents against contract; Finding work for the Petrel Explorer in other segments; and finally Positioning Green Minerals to win E&P licenses in marine minerals on the NCS.
SeaBird believes that its subsidiary Green Minerals is the first step in its new directional change, positioning it for the green energy transition.
“We anticipate that Green Minerals will generate revenues of more than NOK 4 billion per year when the first production system is up and running,” SeaBird said in its latest Q4 report,
According to Ståle Rodahl, SeaBird executive chairman, the company plans to undertake a complete rebranding, which it will present at the AGM in May.