SeaBird shares soar after doubling quarterly revenues

Shares in seismic data provider SeaBird skyrocketed on Friday after the firm announced that revenues in the three months leading to 31 December had come in at more than twice those recorded during the previous quarter.

SeaBird saw sales move ahead 59% year-on-year, and 106% relative to the third quarter of 2017, to $5.5m, which was entirely made up of contract revenues, themselves up 112% on the same quarter in 2016.

SeaBird posted an LBITDA of $2.1m in the fourth quarter, slightly higher than the loss of $1.9m it had posted from the same three month period a year earlier, but a significant improvement upon the $14.4m LBITDA reported in its third quarter.

The Norwegian firm also completed an equity offering, and subsequent equity repair offering, during the quarter - raising NOK 105 million in gross proceeds as a result.

As of 0920 GMT, the firm had seen shares soar 114.81% to NOK 0.290 each.