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SeaBird Exploration Plc: third quarter 2020 report

Written by Customer Service on . Posted in Public Companies.

6 November 2020, Limassol, CyprusSeaBird Exploration Plc is pleased to announce its third quarter 2020 report.Headlines Q3 2020Revenues of $3.0 million, down from $ 16.0 million in Q3 2019EBITDA negative $0.6 million, up from negative $1.6 million in Q3 2019Positive OCF for the quarter and YTDUtilization of 28%, down from 68% in Q3 2019SG&A down more than 50% compared to Q3 2019Gunnar Jansen appointed CEOMarket outlook negatively impacted by COVID-19 and oil price collapse. Key priorities are to safeguard our people and financial positionTendering activity improved in OctoberA 2D award in the Eastern Hemisphere was awarded after the end of the quarterAn announcement regarding a new business area geared towards the green transition is expected before year endThe company will host a webcast at 08:00 CET today. Please use the following link to join the webcast:https://teams.microsoft.com/l/meetup-join/19%3ameeting_ZDE2NGU2Y2YtZTIxZC00MDUyLTkxZmEtYjZlOTRkYzQ3OGU3%40thread.v2/0?context=%7b%22Tid%22%3a%22d7181576-1d07-4383-b8ac-6451ab33feae%22%2c%22Oid%22%3a%22ab38ca4b-0069-4d66-b5ab-30f40647842e%22%2c%22IsBroadcastMeeting%22%3atrue%7dSeaBird is a global provider of high quality marine seismic operations within the source vessel and 2D market, as well as in the shallow water 3D market The Company has a strong focus on Quality, Health, Safety and Environment, combined with cost efficient services to its customers.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.This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.For further queries contact:Gunnar Jansen
CEO
Mob: +47 941 19 191orErik von Krogh
CFO
Mob: +47 930 38 075AttachmentsSeaBird Q3 2020 reportQ3 20 investor presentation

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