Fra Norne i dag Recent contract flow secures strong utilization of SeaBird’s fleet in 1H19 and we estimate EBITDA finally turning positive in 1Q. With a net cash position and high operational gearing, SeaBird is well positioned to benefit from a structural growth in the ocean bottom seismic and a cyclical recovery in 2D demand. The main competitor BGP has allocated large part of its fleet to a contract in UAE till 2024, leading to tighter supply. We stick to our Buy rating for SeaBird with a slightly higher target price of NOK 3.80/sh.