Marine Link
Tuesday, April 24, 2018

SeaBird Exploration Bags Contract in West Africa

Maritime Activity Reports, Inc.

February 25, 2018

Osprey Explorer. Photo: SeaBird Exploration Group

Osprey Explorer. Photo: SeaBird Exploration Group

 Cyprus-based provider of marine 2D and 3D seismic data and associated products and services to the oil and gas industry, SeaBird Exploration has signed an agreement to provide a source vessel for an upcoming survey in West Africa.

 
The project is anticipated to commence during Q1 and will have a duration of approximately 60 days. SeaBird will be using the Osprey Explorer for the project.
 
The 1985-built vessel joined SeaBird’s fleet in August 2006 after being converted to 2D long offset/source vessel in Poland.
 
Meanwhile, SeaBird Exploration recorded a 42.2% active vessel utilization in the fourth quarter of 2017  compared to 22.1% in Q3. Its revenues for the quarter were $5.5 million, an increase of 59% compared to Q4 2016 and up 106% relative to Q3 2017.
 
The contract revenues for the period were $5.5 million, up 112% from Q4 2016 and up 106% relative to Q3 2017.
 
SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow/deep water 2D/3D and 4D market. Main focus for the company is proprietary seismic surveys (contract seismic). 
 
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