SeaBird Exlporation has posted a boost in revenue despite sustained low oil prices and weak market sentiment for exploration.
The company said revenue was boosted by 19% compared with the second quarter of the year.
Four vessels are currently active in operation on the Mexico Gigante survey and the Aquila Explorer is scheduled to join during the first quarter.
SeaBird said seismic tender activity has continued to be “sluggish” with intense price competition.
A “negative market sentiment” has also exacerbated industry risk factors and increased uncertainty related to economic recovery, the company said.
Costs during the third quarter were reduced with the lay-up of 3D vessels and the Munin Explorer which helped reduce operating expenses.
SeaBird said lower project activity, reduced vessel charter rates and lower crew headcount also helped lower costs.
The company has predicted oil market spending over the next year is expected to remain slow and the seismic sector is expected to remain under pressure as a results.
A spokesman said: “A high proportion of the company’s fleet is expected to be employed on the Mexico Gigante project until mid-2016 assuming the full project size of approximately 186,000
kilometer is to be completed.
“The current market uncertainty makes it difficult to predict the level of contract coverage that is possible to obtain beyond the company’s current backlog.”