17:01 i dag https://newsweb.oslobors.no/message/482305
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SeaBird Exploration: estimated Q2 2019 and financial update relating to ongoing surveys
6 August 2019, Limassol, Cyprus

Reference is made to the press release of 29 July 2019 regarding the ongoing
niche 3D survey in West Africa utilizing the "Nordic Explorer" and a 2D survey
in the Americas employing the "Harrier Explorer".

Based on the current estimates for survey completion, the company expects to
report an EBITDA for the 2nd quarter of 2019 of negative USD 1.7 million. This
includes a loss provision for Q3 2019 of USD 1.3 million relating to the West
Africa 3D survey due to the contract being treated as an onerous contract
according to IAS 37. The provision is based on an estimated survey completion by
mid-September 2019.

Both the "Harrier Explorer" and the "Nordic Explorer" are rigged with the
"Digistreamer" technology and both surveys are affected by difficulties with
availability and lead-time of select seismic streamer equipment parts relating
to this technology. This includes a significant increase in the repair period
for streamer sections compared to historic experience caused by the service
offering, repair facilities and inventory level for certain technology
components included in the "Digistreamer" all being significantly downscaled
post the 2014 downturn. The company placed orders for repair of streamer and for
new streamer related equipment shortly after the contract awards. However, the
combined effect of worse than expected condition of the "Nordic Explorer"
streamer pool equipment (included in the charter-in agreement for the vessel),
increased repair period and logistical lead times exceeded the equipment related
contingency included in the project plans for the 2D and 3D surveys.

SeaBird will after completion of the projects have a significant pool of
repaired and tested "Digistreamer" ready for use. In addition comes a larger
pool of Sercel Sentinel streamer. The current "Digistreamer" related problems
are therefore not expected to have any effects on future 2D and niche 3D
projects.

The ongoing 3D survey in West Africa is estimated to be completed by mid
September 2019, more than two months later than the original survey plan,
predominantly due to the survey being acquired with two streamers versus four
streamers as originally planned. The extended survey duration will result in
increased operating expenses and generate an estimated project margin of
negative USD 1.4 million.

The ongoing 2D survey in the Americas is estimated to be completed ultimo
September 2019 which is about two months later than the original plan. The
extended survey duration will result in increased operating expenses and
generate an estimated project margin of close to zero.

Further, with reference to the press release of 29 July 2019, the Osprey
Explorer is currently transiting to the NCS for a two-month source project with
estimated completion late September/early October. This represents a new
contract award and is also the first contract with the relevant OBN contracto

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