abce certificate
New Articles
Friday, 05 December, 2008, 17:10 GMT | more >>

SeaBird has its wings clipped



By Upstream staff 

Norway’s SeaBird Exploration said today its profits for the second quarter of 2007 were down when compared with the same period last year, despite a 108% year-on-year increase in consolidated revenues to $17.2 million.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell to $1.2 million for the quarter, compared with $3.8 million for second quarter of 2006.

SeaBird said the weak quarterly profit was caused by the low vessel use of the Geo Mariner, the dry-docking of the Northern Explorer in April and downtime on the Hawk Explorer caused by a streamer incident.

Profits were hit by further downtime in connection with mobilization of a SeaBird supplied streamer as part of a changed and improved charter contract, as well as delays on delivery of new vessels.


Tuesday, 21 August, 2007, 06:48 GMT  | last updated: Tuesday, 21 August, 2007, 07:42 GMT

e-mail this article to a colleague


to email:  from:
comments: