Seabird Exploration announces update on COVID-19

first_imgSo far, the main effect for the Company has been the termination of two OBN surveys off West Africa The company has decided to postpone the remaining outfitting of the Fulmar Explorer until markets normalize. (Credit: Pixabay/C Morrison) The COVID-19 outbreak continues to affect the global economy as well as oil demand.  While market uncertainty is high, the Company continues to work with its clients as usual.  However, to cope with the uncertainty and preserve cash, the Company has decided to reduce costs further and postpone capex until the market situation normalizes and/or we see concrete work for the vessels affected by this.Operations:  The immediate effects of the COVID-19 situation for the Company are operational.  In particular, crew changes for existing projects and mobilization of crew for new projects are made difficult by travel and immigration restrictions.  This may have an impact on operational cost, due to additional salaries and increased travel costs caused by the restrictions.  Worst case, projects may also be delayed or cancelled due to the logistical challenges created by the COVID-19 restrictions.  So far, the main effect for the Company has been the termination of two OBN surveys off West Africa as announced on April 7th.In the event of a prolonged period of economic shutdown, the Company has contingency plans in place to reduce costs even further and place the vessels idle at a very low cost.  In such an event, our ambition is to be able to run the company at less than USD 400k per month including all stacking costs and SG&A, while maintaining ability to operate at least two vessels on contracts simultaneously.  Based on contract negotiations and clients existing plans, management currently has no reason to believe that it will be necessary for the Company to execute on its contingency plans.Capex:  The Company has decided to postpone the remaining outfitting of the Fulmar Explorer until markets normalize and/or the vessel sees a contract award.  Meanwhile, we will reengineer the project with an ambition to reduce the capex need further.  Further, the Company has finished all preparatory work for rigging of the Geo Barents.  The vessel has been bid for a contract in the Eastern hemisphere, and the actual rigging will take place upon contract award.  The remaining cost for rigging the vessel is estimated to be no more than USD 600k.In sum, the actions taken will help the Company preserve cash and enable it to weather a prolonged downturn in our markets.  The Management and Board of Directors is confident that the Company`s strong balance sheet, modern, flexible and competitive fleet, efficient operations and industry-leading and uniquely low-cost position puts Seabird Exploration on a strong footing to weather the current difficult market conditions and improve its competitiveness versus the industry as the economy and oil markets eventually recovers. Source: Company Press Releaselast_img

Mother and son injured in ATV crash

first_imgFARMINGTON – A mother and her son were transported to Maine Medical Center Wednesday morning after their ATV fell into Hardy Brook.According to Mark Latti, communications director for the Maine Department of Inland, Fisheries and Wildlife, Kerri Stone, 26 of Wilton, and her son Ashton, 6, were seriously injured in an ATV crash on the Whistle-Stop trail at approximately 10:30 a.m. Wednesday morning.Kerri Stone was operating an Arctic Cat 400 with her son as a passenger when she apparently lost control of the machine as it approached the bridge over Hardy Brook, Latti said. The ATV fell 23 feet into the brook.Game wardens, Farmington Fire Rescue, Farmington Police and NorthStar EMS responded to the scene. Ashton Stone was transported by LifeFlight to Maine Medical Center in Lewiston, as was Kerri Stone by ambulance.last_img read more

Helix Ups Q3 Profit

first_imgOffshore services player Helix Energy Solutions has seen profit increase in the third quarter of 2018, compared to the same period in 2017.Helix reported net income of $27.1 million, or $0.18 per diluted share, for the third quarter of 2018 compared to net income of $2.3 million, or $0.02 per diluted share, for the same period in 2017.Net income for the nine months ended September 30, 2018 was $42.3 million, or $0.29 per diluted share, compared to a net loss of $20.5 million, or $(0.14) per diluted share, for the nine months ended September 30, 2017.In the Well Intervention segment revenues increased $42.9 million, or 38%, in the third quarter of 2018 compared to the third quarter of 2017. The increase is primarily due to 92 additional vessel days in the third quarter of 2018 compared to the third quarter of 2017, as well as higher overall vessel utilization of 91% in the third quarter of 2018 compared to 88% in the corresponding period in 2017.In the Robotics segment revenue increased 15% in the third quarter of 2018 from the third quarter of 2017. Vessel utilization was 98% in the third quarter of 2018 compared to 80% in the third quarter of 2017.ROV asset utilization decreased to 42% in the third quarter of 2018 from 46% in the comparable period of 2017, however, the third quarter of 2018 included 128 additional trenching days compared to the same quarter in 2017.Owen Kratz, president and chief executive officer of Helix, said, “The sequential improvement in our financial performance resulted primarily from improvements in our Robotics segment, with increased trenching operations during the quarter and near full utilization of our chartered vessel fleet. Our Well Intervention segment saw continued strong operational performance and high utilization of our intervention vessels, despite lower IRS rental unit utilization and idle time between projects on our Q4000 vessel. In the fourth quarter our operations will be impacted by the normal winter slowdown in the North Sea and expected low activity levels in the Gulf of Mexico. Our market is still weak and challenging, but we remain committed to finishing the year with strong operational execution and cost discipline.”last_img read more