SeaBird has reported revenues of $1.9 million for the fourth quarter of 2020, down from $7.6 million in Q4 2019.
SeaBird has reported revenues of $1.9 million for the fourth quarter of 2020, down from $7.6 million in Q4 2019. However, EBITDA improved to a loss of $1.1 million compared with a loss of $5.6 million in Q4 2019.
For the full year of 2020 EBITA was a loss of $0.2 million compared with a loss of $5.6 million in 2019.
Fleet utilization was 29%, down from 42% in Q4 2019. For the full year of 2020, fleet utilization was 34% compared to 62% in 2019.
Amid what the company called ‘signs of market recovery’, it also reported the award of a 2D contract in the Eastern Hemisphere with an expected duration of 120 days.
Meanwhile, SeaBird has agreed to sell 100,500 shares in its new venture Green Minerals to several buyers at a price of 20 NOK ($2.36) per share, raising some $273,000. Following the transaction, SeaBird has retained ownership of 76.8% of Green Minerals.
‘The company has decided to meet the interest from these buyers in the market place, but do not intend to sell any further shares in Green Minerals before the planned listing in Q1 this year,’ said SeaBird in a statement about the new venture which it is championing as a change of strategy and a commitment to the energy transition. ‘The company anticipates that the application to Euronext Growth Oslo will be filed shortly and that its planned time schedule for a listing in Q1 2021 will be met.’
Finally, SeaBird said that a ‘complete rebranding of the group’ will be presented at the company’s AGM in May.
