SeaBird Exploration, the 2D and 3D seismic surveyor, has posted a 33% earnings drop for its first quarter.
Revenue was recorded at $33.7million down more than a third from the comparable period last year and down 13% from the previous quarter.
However, vessel utilisation for the firm, which provides detailed seismic information to the oil and gas sector, rose to 76% compared to 56% the previous quarter.
The company’s fleet carried out operations in South America and Australasia capturing subsea data for major oil and gas clients.
Despite the international deployment, the company credited a sluggish tender market for its dip in earnings.
In a statement on its website it said: “The recovery in the niche 3D market has been slower to materialize. While we are reviewing a number of potential contract opportunities, the tender activity is below historical market levels.”