Polarcus, a marine seismic data acquisition specialist based in Dubai, has reported a drop in its 2Q revenues of $91 million, compared to $137.6 million in the second quarter 2014.
The company’s net profit also fell. Polarcus reported a net loss of $78.3 million, versus a net profit of $9.2 million a year ago.
Capital expenditure was USD 1.7 million in Q2 2015 compared to USD 18.0 million in Q2 2014. The expenditure in Q2 2014 related mainly to a propulsion upgrade for Polarcus Naila.
Rod Starr, the recently appointed CEO, said that the seismic market remained highly competitive with the outlook being uncertain. However, he added that Polarcus had moved quickly early in the year “with our focus on business fundamentals that continues unabated.”
Back to Fundamentals
He said: “This ‘back-to-fundamentals’ strategy includes a clear focus on continued operational excellence and technical innovation. Polarcus employees onshore and offshore have pulled together to demonstrate our industry leadership during these challenging times. Our modern and right-sized seismic fleet continues to deliver rock-solid performance even when undertaking the most complex of projects in challenging remote locations such as the Russian Far East. Additionally, our geophysical experts continue to innovate. Their latest output, XArray(TM), is a combined acquisition and processing solution for delivering improved inline and crossline resolution using real data while retaining the efficiencies of large seismic spreads. This saves both time and cost without compromising data quality.
Providing his take on the outlook he said: “Looking ahead, we are 100% booked for Q3 and have more than 80% backlog coverage for the remainder of 2015 with the expectation of more to come as several major industry projects are yet to be awarded. Combined with the capital discipline that is now firmly embedded at Polarcus, this will help ensure the Company’s resilience through turbulent times within the sector.”
Polarcus, which owns a modern fleet of seismic survey vessels, has this week said it has won two contracts for the broadband data acquisition.
Offshore Energy Today Staff