SeaBird Exploration PLC SBX Fourth Quarter 2011 29th February 2012 0800 CET Thon Hotel Vika Atrium, Oslo
Highlights Q4 2011 8th December 2011, the divestment of the OBN-business to Fugro was completed and incorporates; The sale transaction; Two SeaBird vessels (Munin Explorer and Harrier Explorer) on time charter to Fugro; one for 3…
Q4 OBN vessel ONGC survey The ONGC survey The survey was completed with 2,352 nodes deployed and recovered in two swaths, with a node efficiency ratio of 99.5%. Gain on sale of the OBN business amounts to approx. USD 46.6…
Highlights Q4 An Extraordinary General Meeting was held on 9th December 2011: Five Directors were honourably discharged and three new Directors were appointed. The Board now consists of five members. The EGM additionally resolved to…
Fleet Update Aquila Explorer; (40%) Worked in Indonesian market on survey until mid October 2011, followed by an idle period and then commenced end November 2011, a Multi Client survey. In January 2012, she suffered damage to her…
Fleet update contd Hawk Explorer; (73%) Completed survey in West Africa mid December 2011 and has commenced a survey in Brazil under the Framework Agreement with Spectrum ASA through to early March 2012. To be followed by a series…
Fleet update contd Harrier Explorer; (33%) Long term charter for PGS ended October 2011. Idle period of ten weeks, utilised to dock her for scheduled maintenance work. She was then contracted as a source vessel in North Sea and on…
Multi-Client SeaBird has performed about 12 vessel-months of Multi Client contracts in 2010, and just over 11 vessel months in 2011. Financial reporting of Multi Client is in accordance with industry standard. End of Q4-11, SeaBird…
Financials Q4 2011 9
Continued operations Revenues continuing operations Increased revenue Q4-11 to USD 24.4 mill, from USD 18.0 mill in Q3-11 45 90% 40 80% Utilisation Q4-11 down to 60% from 69% in 35 70% Q3-11 30 60% Multiclient sales were USD 5.2…
Consolidated Income Statement Quarter ended Year ended 31 Dec 31 Dec All figures in USD 1,000 2011 2010 2011 2010 (Unaudited) (Unaudited) Unaudited) (Unaudited) Revenues 24,444 20,467 81,722 93,643 Charter hire and operating…
Consolidated Balance Sheet As of 31 Dec All figures in USD 1,000 2011 2010 (Unaudited) Audited Non-current Tangible assets 153,610 283,622 Non-current Intangible assets 1,267 26,568 Other current assets 51,108 47,652 Cash and Cash…
Consolidated Cash Flow Quarter ended 31 Dec Year ended 31 Dec All figures in USD 1,000 2011 2010 2011 2010 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net cash from operating activities (47,331) (12,956) (68,334) 1,068 Capital…
Outlook The general market in source, 2D and 3D; SeaBird has maintained a good contract utilisation for its fleet with oportunistic participation in Multi/Client projects The 3D 4-streamer market is strengthening, with a better…
Outlook Management changes; On 6 February 2012 a change was announced whereby Tim Isden was replaced as CEO by Mr. Dag Reynolds, who is expected to assume the position by latest on 1 May 2012. As an interim measure, Mr. Jan-Eivind…
For further questions contact: CEO Jan-Eivind Fondal E-mail: jan-eivind.fondalsbexp.com Ph. +47 468 86200 17 17
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