Seabird reports loss for Q1
4th May 2012
Seabird reports a loss of USD 12.5 million for the first quarter 2012 (negative USD 22.6 million same period in 2011). Revenues were USD 34.3 million in Q1 2012 (USD 16.6 million).
The increased revenues are mainly due to fleet composition, higher utilization of the vessels in Q1 2012 compared to Q1 2011 and multi-client sales.
Operating expenses were USD 27.3 million in Q1 2012 (USD 12.5 million). The change is mainly due to fleet composition and higher vessel utilization.
EBITDA was USD 2.7 million in Q1 2012 (negative USD 1.5 million). Depreciation and amortization were USD 11.4 million in Q1 2012 (USD 8.3 million).
The increase is mainly due to higher multi-client sales amortization for the period, partly offset by a reduction in depreciation resulting from the impairment of vessels and equipment completed in 2011. Interest expense was USD 3.1 million in Q1 2012 (USD 3.6 million). The decrease is a result of the financial restructuring completed in 2011.
Other financial items, net expenses, of USD 0.4 million in Q1 2012 (USD 6.0 million) decreased mainly due to the currency effect on the bond loans recognized in Q1 2011.
Capital expenditures were USD 1.3 million in Q1 2012 (USD 0.3 million). Major capital cost items include the purchase of seismic acquisition equipment and routine engine overhaul for Harrier Explorer as well as the replacement of streamer sections on the Aquila Explorer. A weakening of USD against NOK and EUR has in general a negative impact on the operating expenses.
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