Source: www.gulfoilandgas.com 3/11/2019, Location: South America
SeaBird Exploration has announced a license sale of seismic data over Rio Grande Rise in Brazil. SeaBird's share of the sale is approx. $0.8 million. The license sale relates to assets which previously have been written down to $0.2 million on the balance sheet. The company will therefore report a gain of $0.7 million in quarter one, related to this transaction.
SeaBird holds a number of assets with zero book value following impairment testing and write-downs in recent years. These assets comprise of both multi- client surveys as well as trade receivables. The company will continue working towards monetizing these assets going forward.