In This Article:
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Revenue: Increased to $10 million in the quarter, with last 12 months' revenue at $34 million.
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EBITDA: $4.4 million for Q3; adjusted EBITDA for the last 12 months increased to $12.3 million.
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Net Debt: $10.7 million at the end of Q3.
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Equity Ratio: 57%.
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Cash Balance: $3.5 million at the end of the first nine months of 2024.
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Operational Cash Flow: $8.1 million for the first nine months, negatively impacted by a $2.2 million working capital build.
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CapEx: $1.5 million, mainly for maintenance.
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Cash Distribution to Shareholders: EUR90 per share over the last 12 months, equal to 18% of current market capitalization.
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Utilization Rate: Close to 100% economic utilization for both vessels.
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Backlog: 20 months of firm backlog with additional options extending to 30 months.
Release Date: November 13, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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SeaBird Exploration PLC (OSL:SBX) has a firm backlog of 20 months, extending to 30 months with options, providing strong revenue visibility.
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The company has significantly restructured its balance sheet, repaid debt, and improved its capital structure, resulting in robust cash flow visibility.
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Operational excellence is highlighted by a low operational downtime of 2.2% and no lost time incidents over the past 12 months.
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SeaBird Exploration PLC (OSL:SBX) has announced multiple cash distributions to shareholders, with plans for continued distributions, reflecting strong financial health.
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The company is experiencing high vessel utilization rates, close to 100%, contributing to strong financial performance and revenue growth.
Negative Points
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The company faces a limited supply of active source vessels in the market, which could impact future contract negotiations.
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There is uncertainty regarding the future use of the Eagle vessel for 2D projects, as current contracts limit its availability.
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The relocation from Cyprus to Norway involves cost efficiency and technical challenges that need to be addressed.
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The equipment pool, while valuable, consists of older equipment that may not hold significant market value.
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The company has a high level of trade receivables, which could impact cash flow if not managed effectively.
Q & A Highlights
Q: Are there plans to pursue 2D projects in the future, and will the Eagle vessel be used for such operations? A: Yes, we intend to maintain our capability for 2D projects. We've observed interesting opportunities, particularly in Asia, and have been commercially evaluating them. Although we haven't concluded any projects due to the Eagle's current commitments, we plan to keep the equipment and expertise ready for future opportunities. - Finn Atle Hamre, CEO