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Sunday, 20 July, 2008, 02:40 GMT | more prices >>

SeaBird goes over its sums



By Upstream staff 

Norwegian-based seismic player SeaBird Exploration said today its core earnings for 2007 would come in just under its previous guidance after a slight rise in fourth-quarter costs.

Full-year earnings before interest, tax, depreciation and amortisation (EBITDA) should come in slightly below $30 million to $33 million, SeaBird said in a statement.

Revenues for 2007 are expected to be around the low ended of a previously indicated range of $95 million to $100 million as production on its Munin Explorer and Geo Mariner vessels has been below expectations towards the end of the fourth quarter, it said.

All eight of its vessels were in operation in the quarter with an average vessel utilisation of around 82% for the full quarter, SeaBird said.

"SeaBird is now well placed to take advantage of the continuing strong market in 2008 with eight vessels in operation for the full year and with the Hugin Explorer that is expected to commence operations in the second quarter," it said.

SeaBird shares, which fell 49% in 2007 as it repeatedly revised its earnings guidance, closed at Nkr21.70 yesterday, valuing the company at about Nkr1.64 billion ($306.5 million), Reuters reported.

Meanwhile, SeaBird said it is set to shoot two surveys for India's Oil & Natural Gas Corporation.

The surveys cover a total of 82,000 line kilometres of long offset 2D data off the east coast of India. The total gross contract value is about $100 million.


Tuesday, 08 January, 2008, 08:10 GMT  | last updated: Tuesday, 08 January, 2008, 08:34 GMT

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