Oslo-listed SeaBird remained in profit at the end of the first quarter 2016, despite weak seismic demand, but still seen a major quarterly profit dive when compared to prior-year quarter.
The seismic data provider for oil and gas companies posted profit of $1.8 million or $0.59 per diluted share for the first quarter of 2016, compared to profit of $63.3 million or $60.05 per diluted share in the corresponding period in 2015.
In the first quarter of 2016, SeaBird recorded a 7% increase in turnover which amounted to $26 million, compared to $28.1 million in Q4 2014 and a 4% decrease in quarter-over-quarter revenue of $23.2 million.
Contract revenues for the period were $26 million, while the multi-client sales were nil, down from $1.2 million same time last year.
SeaBird’s fleet, with 90% utilization, has mostly been employed on TGS Gigante survey in Mexico during the first quarter 2016, and most of its current backlog predominantly relates to this project. Backlog reported as of March 31 was $42 million. Utilization is expected to reduce in Q2 due to repositioning of two vessels for surveys in North West Europe.