Brief: Seabird Exploration Updates On Covid-19

Sed Energy Holdings

14/04/2020 07:09

April 14 (Reuters) - SeaBird Exploration PLC  SBX.OL :
    * UPDATE ON COVID-19
    * UPDATE ON COVID-19
    * WHILE MARKET UNCERTAINTY IS HIGH, COMPANY CONTINUES TO
WORK WITH
ITS CLIENTS AS USUAL
    * TO COPE WITH UNCERTAINTY AND PRESERVE CASH, COMPANY HAS
DECIDED
TO REDUCE COSTS FURTHER AND POSTPONE CAPEX UNTIL MARKET
SITUATION NORMALIZES AND/OR WE SEE CONCRETE WORK FOR VESSELS
AFFECTED BY THIS
    * SO FAR, MAIN EFFECT FOR COMPANY HAS BEEN TERMINATION OF
TWO OBN
SURVEYS OFF WEST AFRICA AS ANNOUNCED ON APRIL 7
    * COMPANY HAS FINISHED ALL PREPARATORY WORK FOR RIGGING OF
GEO
BARENTS
    * VESSEL HAS BEEN BID FOR A CONTRACT IN EASTERN HEMISPHERE,
AND
ACTUAL RIGGING WILL TAKE PLACE UPON CONTRACT AWARD
    * REMAINING COST FOR RIGGING VESSEL IS ESTIMATED TO BE NO
MORE
THAN USD 600K.

Source text for Eikon:  ID:nGNE43Qw5M 
Further company coverage:  SBX.OL 

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