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April 1, 2019

SeaBird secures two offshore survey contracts

Seismic data provider SeaBird Exploration has secured two offshore survey contracts, one in West Africa and one in the Gulf of Mexico.

By Umar Ali

Seismic data provider SeaBird Exploration has secured two offshore survey contracts, one in West Africa and one in the Gulf of Mexico.

The company said on Monday it had received a letter of award for a niche 3D survey in West Africa, which it expects to start in the second quarter (Q2) of 2019. The contract has a total value of approximately $6.5m, and has a total duration of about 80 days including associated vessel transit.

SeaBird will charter the Nordic Explorer vessel for this survey, as well as subsequent opportunities in Q2 of 2019. The owners of the Nordic Explorer will provide SeaBird with 9km of ION’s DigiSTREAMER data acquisition system as part of the charter agreement.

The company has also secured a contract for an ocean bottom node (OBN) survey in the Gulf of Mexico, to start in early April 2019 with an expected duration of three weeks.

SeaBird’s Harrier Explorer vessel has been working on the survey under a previously announced contract since February 2019. The Harrier Explorer will be joined by the Osprey Explorer for this survey, which has recently completed work in the region.

The company also released an update, saying demand for its surveys was increasing.

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In a statement, SeaBird said: “SeaBird is seeing increasing demand for its services within the source vessel, 2D and niche 3D markets. In 2018, total duration on received tenders was up 52% compared to 2017, and the Company experienced a 40% increase in days on contract in the same period.

“Rates on new contracts across the three operating segments are as a result up 15-30% year on year.”

This increased demand has forced SeaBird to turn down work in Q1 of 2019 due to scheduling conflicts with its current fleet capacity of four vessels. To be able to “pursue a strong and diversified pipeline of contract leads” the company is evaluating opportunities for vessel capacity expansion, including adding the BOA Galatea and BOA Thalassa to its operational fleet.

SeaBird have stated that no binding decisions regarding any capacity expansion have been made at the current stage.

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