SeaBird Exploration Plc reports Q2 2013 results, said in the company's press release.
2013 summary observations for the second quarter:
Revenues for the quarter were $40.2 million, a decrease of 17% compared to the comparable period in 2012 and down 17% relative to Q1 2013.
Contract revenues for the period were $36.2 million, down 17% from Q2 2012 and down 25% from Q1 2013.
Multi-client revenues were $4.0 million, a decrease of 22% from $5.1 million reported in Q2 2012 and up from $0.1 million reported in Q1 2013.
Significant increase in investment in new multi-client surveys; multi-client activity during the period increased from 4% of vessel capacity in quarter one to 22% of vessel capacity in quarter two.
Contract surveys during the second quarter represented 57% of vessel capacity compared to 84% during quarter one; due to increased multi-client surveys, preparation of Geo Pacific for initial project and fleet repositioning.
EBITDA was $3.7 million compared to $17.2 million for Q2 2012 and $11.1 million for Q1 2013.
EBIT for the quarter was negative $2.4 million compared to $7.7 million for Q2 2012 and $5.1 million for Q1 2013.
Vessel utilization for the period was 79%.
