Reference is made to the announcement of 1 August 2017 concerning the completion of SeaBird Exploration PLC’s debt restructuring.
The Financial Supervisory Authority of Norway has approved the prospectus for the listing of 54,389,711 new shares issued in respect of the debt restructuring. The prospectus can be downloaded from www.arcic.com, www.abgsc.com and www.sbexp.com.
SeaBird is a global provider of marine acquisition for 2D/3D and 4D seismic data, and associated products and services to the oil and gas industry. 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).
Main success criteria for the company are an unrelenting focus on Quality, Health, Safety and Environment (QHSE), combined with efficient collection of high quality seismic data. 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.
Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) announces the release of its second quarter 2017 financial statements.
HEADLINES Q2 2017:
Revenues of USD 36.1 million, down 23% from Q1 2017
Gross cost of sales of USD 41.6 million, down 10% from Q1 2017
EBITDA of negative USD 8.9 million, down from USD 8.9 million in Q1 2017
Total cash balance of USD 36.2 million in addition to USD 25 million undrawn working capital facility
Commencement of Polarcus Amani on a 5 1/2 year bare boat contract with Sovcomflot
Backlog of USD 200 million
Polarcus recorded vessel utilization of 75% in the quarter, up from 72% in Q1 2017, driven by the Polarcus Amanibare boat contract which started in April 2017.
Revenues declined 23% from Q1 2017 to USD 36.1 million. The reduced revenues were mainly driven by the change in the business mix as the vessel allocation to highly pre-funded multi-client and proprietary contract activities decreased as a result of Polarcus Amani commencing the 5 1/2 year bare boat contract with Sovcomflot in April 2017. The charter provides the Company with secured income for a prolonged period, in what continues to be an uncertain market.
As a result, bare boat charter revenue increased by 75% to USD 6.3 million. Vessel time for the remaining fleet also shifted from highly prefunded multi-client activity in Q1 2017 to proprietary contract activity in Q2 2017.
Proprietary contract revenues were negatively impacted by lower achieved day rates compared to Q1 2017, resulting principally from weather delays early in the quarter. There was no vessel allocation to multi-client projects in the quarter, down from 14% multi-client utilization the previous quarter.
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ION Geophysical Corporation (NYSE: IO) today announced a new 3D multi-client broadband reimaging program offshore the Western Gulf of Mexico using the Mexican National Hydrocarbons Commission (CNH) data library. The Mexican Ridges 3D reimaging program is fully supported by industry funding and contains eight surveys covering approximately 28,800 sq km over the Mexican Ridges fold belt. Fast track data is available now for the deep water lease round (Round 2.4) in January 2018 and final products will be available for future license rounds in the area.
The Mexican Ridges are known for the complex geology and compressional folds. While there are many proven plays onshore and in shallow water, companies are looking for new play fairways and additionally how the known plays are related to observations in deep water. ION’s Mexican Ridges program is a consistent, contiguous regional 3D volume that provides a better understanding of the hydrocarbon potential in this part of the basin.
Dawson Geophysical Company(NASDAQ: DWSN) (the “Company”) today reported unaudited financial results for its second quarter ended June 30, 2017.
For the quarter ended June 30, 2017, the Company reported revenues of $30,469,000 as compared to $28,086,000 for the quarter ended June 30, 2016. For the second quarter of 2017, the Company reported a net loss of $14,809,000 or $0.68 loss per share attributable to common stock as compared to a net loss of $11,589,000 or $0.54 loss per share attributable to common stock for the second quarter of 2016. The Company reported negative EBITDA of $5,402,000 for the quarter ended June 30, 2017 as compared to negative EBITDA of $1,464,000 for the quarter ended June 30, 2016.
The project is anticipated to commence during H1 2018 and will have a duration of approximately two months
SeaBird Exploration have signed a Letter of Intent (LoI) for shallow water 3D seismic survey in West Africa. SeaBird will be using the Voyager Explorer for the project.
SeaBird is a global provider of marine acquisition for 2D/3D and 4D seismic data, and associated products and services to the oil and gas industry. SeaBird specialises 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.
The main focus for the company is proprietary seismic surveys (contract seismic). The main success criteria for the company are an unrelenting focus on Quality, Health, Safety, Security and Environment (QHSE), combined with efficient collection of high quality seismic data.
In June, NNPC singed a deal with indigenous company First Exploration and Production and oil service giant Schlumberger to provide $700 million to develop two shallow water fields that will add 50,000 b/d of crude to Nigeria’s output.
Nigerian National Petroleum Corporation announced Thursday that it had agreed new funding arrangements with four foreign partners to develop new oil fields in the Niger Delta that will substantially augment Nigerian reserves and daily production.
Lack of funds has been a major stumbling block for NNPC, which manages the Nigerian government’s average 57% interest in joint ventures business with foreign oil companies, in its efforts to bolster Nigeria’s oil output.
NNPC group managing director Mainkanti Baru had said earlier on in May that alternative funding through third party financing option would be adopted to facilitate Nigeria’s bid to increase crude oil reserves to 40 billion barrels and output to 4 million b/d by 2020.
Offshore vessel charterer TGS-Nopec Geophysical is looking ahead optimistically despite a weaker second quarter.
The seismic survey company said net earnings to 30 June were $9.6m, from $16.8m in 2016.
Revenue dipped to $107.67m, versus $114.36m in 2016.
But it pointed to a strong cash flow resulting in a cash balance of $239m.
It also sees an increased backlog and record-high survey acquisition activity for the third quarter.
The company had two 2D vessels, two multibeam units, a seafloor-sampling ship.
Shares in Thalassa Holdings Ltd rose Wednesday as the energy services firm said it has received an improved conditional offer for its marine geophysical services subsidiary WGP Group Ltd and investment in Autonomous Robotics Ltd.
SAExploration Holdings, Inc. announced plans to reschedule the release of its unaudited consolidated financial results for the second quarter and first six months ended June 30, 2017. Concurrently, SAE will reschedule its conference call previously scheduled for Thursday, August 3, 2017 at 10:00 a.m. ET to discuss these results and other related matters.
The company now expects to release its unaudited consolidated financial results for the second quarter and first six months ended June 30, 2017 on or before August 21, 2017. SAE will disseminate additional information regarding the new date and time of the conference call to discuss these results and other related matters at a later date.