SeaBird has its wings clipped
Norwegian seismic player Seabird Exploration reported a 23.6% fall in revenues from $60.8 million in the fourth quarter 2008 to $46.5 million for the first quarter 2009.
Revenues were still higher compared to the same period a year ago when the company posted revenues of $39.4 million.
The main reason for the drop in revenues is a fall in vessel utilisation from 77% in the fourth quarter to 62% in the first quarter 2009.
Earnings before interest, taxes, depreciation and amortisation were $4.3 million for the quarter compared to $11.4 million during the same time a year ago.
