SeaBird Exploration: Second quarter 2017 report
(WorldNews Africa)

18 August 2017, Limassol, Cyprus Statement SeaBird recorded a 18.4% active vessel utilization during the second quarter of 2017 compared to 36.4% in Q1. Seismic tender activity has picked up in 2017 relative to 2016, but contracting lead-time remains long with substantial competition and high market uncertainty. During quarter two, the company implemented a further reduction in onshore headcount and a complete conversion of all offshore crew contracts to flexible voyage contracts. The company continues its cost management program and is reviewing alternatives to further reduce expenses. On 1 August, the company announced that all consents to the company`s proposed restructuring had been...