SeaBird Exploration
Pareto Energy Conference 2023
Ståle Rodahl, Executive Chairman
Forward-looking statements
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19.09.2023 - page 2
SeaBird Exploration Plc
- Only pure play OBN source company listed globally
- Headquartered in Bergen
- Listed in Oslo under ticker SBX NO
- Market Cap.: USD 39m
• NIBD: | USD 15m |
- Strong backlog - recently won a 2-yearOBN source contract with a Tier 1 client
-
Company approaching next phase
- capital distribution
Eagle | Fulmar | Equipment |
Explorer | Explorer | |
OBN Source | OBN Source | Can equip one |
2D | 2D and one | |
OBN source, | ||
alternatively | ||
two OBN | ||
source |
19.09.2023 - Page 3
Global OBN market sees structural growth
- OBN market has grown 20% p.a the last 7 years, hitting new highs while overall seismic market is down more than 50% over the same period
- OBN now accounts for ~40% of overall seismic spending
- Structural growth in OBN:
- In-field
- Near-field
- 4D
- «We continue to drive down unit cost. Ocean Bottom Seismic now is being deployed widely across our portfolio, giving a better view of the barrels that remain.»
BP Q4 2022 conference call
Global OBN market (USDbn) | |||||||||||||||||||
1.8 | |||||||||||||||||||
1.6 | |||||||||||||||||||
1.4 | 15% | ||||||||||||||||||
1.2 | |||||||||||||||||||
25% | YoY | ||||||||||||||||||
1.0 | |||||||||||||||||||
YoY | |||||||||||||||||||
0.8 | 25% | ||||||||||||||||||
YoY | |||||||||||||||||||
0.6 | |||||||||||||||||||
0.4 | |||||||||||||||||||
0.2 | |||||||||||||||||||
0.0 | |||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023e | 2024e |
% of the conventional offshore seismic market
45% | 41% | 39% | 43% | 42% | |||||||||||||||
40% | |||||||||||||||||||
35% | 29% | 30% | |||||||||||||||||
30% | 27% | ||||||||||||||||||
25% | 23% | ||||||||||||||||||
20% | |||||||||||||||||||
15% | 12% | ||||||||||||||||||
10% | |||||||||||||||||||
5% | |||||||||||||||||||
0% | |||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023e | 2024e | |||||||||||
Source: ABG Sundal Collier | 19.09.2023 - Page 4 |
OBN source supply shrinking
35
18
2018/2019 | Current |
Active Idle Laid Up
- Current fleet of active source vessels consists of 13 vessels*
- We see a potential of 2 additional vessels available on relatively short notice
- Laid up fleet total 5 vessels
- 2 are older than 30 years
- 3 are 3D streamer vessels → streamer projects
- Vessels leaving the industry
- The comparable fleet in 2018/2019 was 35 vessels.
- Active fleet reduced by >60%
- This is the "free" fleet competing for work globally, excluding Russian and Chinese vessels due to limitations and also "inhouse" vessels from integrated players not being offered to competitors
19.09.2023 - Page 5
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SeaBird Exploration plc published this content on 25 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 September 2023 09:18:09 UTC.