Seis News

 

 

 

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.

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Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) is pleased to announce that a contract has been signed for a broadband 3D marine seismic project in Asia Pacific.

The one-month project is due to commence imminently and restores backlog in Q3 for the Polarcus fleet after part of a previously awarded project was reduced in scope.

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TGS reported net revenues of USD 108 million in Q2 2017, slightly below Q2 2016 but up 25% from Q1 2017. Strong cash flow from operations of USD 59 million was a significant improvement from USD 9 million in Q2 2016. Quarterly dividend will be maintained at USD 0.15 per share.

 

 

2^nd Quarter Highlights

• Consolidated net revenues were USD 108 million, slightly below USD 114 million in Q2 2016
• Net late sales totaled USD 79 million, compared to USD 84 million in Q2 2016
• Net pre-funding revenues were USD 27 million (an increase of 3% from Q2 2016), funding 46% of TGS’ operational multi-client investments for the quarter
• Operational multi-client investments were USD 59 million in addition to USD 2 million from risk sharing arrangements
• Operating profit (EBIT) was USD 18 million (17% of net revenues), compared to USD 22 million (19% of net revenues) in Q2 2016
• Cash flow from operations was USD 53 million, a significant improvement from USD 9 million in Q2 2016
• Free cash flow (after multi-client investments) was USD 12 million, compared to negative free cash flow of USD -35 million in Q2 2016
• Cash balance at 30 June 2017 was USD 239 million in addition to the undrawn USD 75 million Revolving Credit Facility
• Earnings per share (fully diluted) were USD 0.09, compared to USD 0.17 in Q2 2016
• Quarterly dividend maintained at USD 0.15 per share
• Financial guidance unchanged from 23 May 2017
  • New multi-client investments* of approximately USD 260 million
  • Additional multi-client investments expected from sales of existing surveys with risk sharing arrangements
  • Pre-funding of new multi-client investments* expected to be approximately 40-45%

     *New multi-client investments excluding investments related to surveys with risk sharing arrangements

Following the authorization from the Annual General Meeting on 9 May 2017, the Board of TGS NOPEC Geophysical Company ASA has resolved to distribute a quarterly dividend of the NOK equivalent of USD 0.15 per share (NOK 1.19 per share).

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Quarterly Dividend

 

 

Q2-17  Highlights:

 

• Revenues of $46.0 million, a 27% increase over second quarter 2016
• Net loss of $10.4 million, or $(0.88) per share, compared to a net loss of $25.3 million, or $(2.22) per share, or an adjusted net loss of $21.2 million, or $(1.85) per share in second quarter 2016
• Operating margin improvement to (8)%, compared to (46)% in second quarter 2016
• Adjusted EBITDA of $13.6 million, compared to $(3.3) million in second quarter 2016
• Net cash inflows from operations of $1.7 million, compared to $(14.8) million in second quarter 2016
• Significant increase in backlog of multi-client new venture programs, and when combined with Imaging Services, resulted in $48 million of backlog at June 30th, compared to $25 million sequentially and $30 million one year ago

Year-to-Date Highlights:

• Revenues of $78.6 million, a 34% increase over first half of 2016
• Net loss of $33.8 million, or $(2.85) per share, compared to a net loss of $60.4 million, or $(5.48) per share in the first half of 2016
• Adjusted net loss of $28.8 million, or $(2.43) per share, compared to an adjusted net loss of $56.2 million, or $(5.10)per share in the first half of 2016
• Adjusted EBITDA of $13.6 million, compared to $(20.5) million in the first half of 2016
• Net cash inflows from operations of $3.6 million, compared to $(12.3) million in the first half of 2016

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The directors of SeaBird Exploration Plc convene the Extraordinary General Meeting (“EGM”) of the shareholders for the 17 August 2017 at 11:00 (local time) at Diagoras House 7th Floor, 16 Pantelis Catelaris Street, CY 1097 Nicosia, Cyprus. The company advises that the EGM convened hereby is the extraordinary general meeting referred to in the stock exchange announcement from the company on 1 August 2017 concerning the increase of the company’s authorized share capital.

The agenda and other relevant documents including proxy forms are distributed to the shareholders, attached hereto and are listed on the company’s web-page: www.sbexp.com

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The award of two major new contracts integrating geotechnical and geophysical investigations sees Fugro continue its site characterisation services at Sirius Minerals’ North Yorkshire polyhalite project.

A new geotechnical package comprises seven deep boreholes in shaft and tunnel locations at the new UK mine, located 3.5 kilometres south of Whitby in North Yorkshire. Fugro is undertaking strength tests of the rock formation, drilling to depths in excess of 420 metres.

The project is developing the world’s largest known high grade polyhalite deposit, a highly effective organic agricultural fertiliser. Construction includes a new mine to extract the ore, a 37-kilometre tunnel hosting an underground mineral transportation system (MTS), a granulation facility in Teesside, and an export quay on the River Tees.

Under the second contract, Fugro is carrying out an 11-month programme of seismic investigations and wireline logging which will be fully integrated with the geotechnical work to maximise both data yield and quality. The combined programme will allow a detailed assessment of geological conditions to 500 metres depth ahead of tunnel boring machine operations along the MTS alignment.

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Polyhalite is an evaporite mineral, a hydrated sulfate of potassium, calcium and magnesium with formula: K₂Ca₂Mg(SO₄) ₄· 2H₂O.

Polyhalite crystallizes in the triclinic system, although crystals are very rare. The normal habit is massive to fibrous.

 

 

 

Dutch subsea vessel owner ditches charter for 2008-built ship a year earlier.

Fugro Subsea Services has terminated a contract with Forland Subsea and brokers describe this development as “terrible news” for the latter.

Forland said in an announcement today that it received a notice of termination for the 2,881-dwt Fugro Saltire (built 2008), effective from 1 October 2017.

The Norwegian company said it will pursue any potential claims for losses arising from this termination.

Chief executive Frode Bjorn Forland did not comment on the reason of the cancellation and Fugro had not responded

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Dutch geo-consultancy Fugro has begun an area survey of the Hollandse Kust (Noord) Wind Farm Zone in the North Sea, in preparation for the offshore wind farm tender scheduled for 2019.

With a total capacity of 700 MW, the wind farm will be able to supply electricity to an estimated 800,000 households.

On behalf of the Netherlands Enterprise Agency (RVO.nl), Fugro is conducting a geophysical survey of the area to map the seabed and position of existing cables and pipelines, as well as the possible presence of shipwrecks and any other obstacles.

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