SeaBird Exploration has become the latest seismic vessel operator to stack one of its fleet.
The Oslo stock market listed firm says it has stacked the Munin Explorer following its completion of the long-term time charter contract with SeaBed Geosolutions in August 2015.
The 66m-long Munin Explorer was built in 1990 joined SeaBird in 2007. The vessel can operate worldwide as either 2D long offset or source vessel. The vessel is currently rigged as Source vessel.
Seismic vessel operators have been quick to reduce the size of their fleets to adapt to current market conditions, which have seen a marked downturn due to the fall in oil prices and corresponding reduced spending by operators.
Last month, OE reported that some of the adjustments were already being made prior to the fall in the oil price. CGG, for example, had already planned to reduce its vessel fleet, long before the oil plummeted. Houston-headquartered Schlumberger took swift action, reducing its WesternGeco fleet in late 2014, while PGS has cold stacked and delayed delivery of two new high-end 3D vessels.
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