Polarcus narrows 2Q loss as revenues dive

Polarcus, an offshore geophysical company, has tightened its loss during the quarter compared to a year earlier period despite drop in revenues. 

The geophysical company’s net loss for the quarter was $11.2 million, versus $78.3 million in the corresponding period last year.

Polarcus’ revenues dropped to $67.9 million during the quarter, compared to $91.7 million in the year ago quarter.

Further, the company’s capital expenditure during the quarter increased to $2.2 million from $1.7 million in the 2Q 2015. The year to date capital expenditure includes purchase of a complete in-sea seismic acquisition system, a five-year classification survey for one vessel and certain other marine capital equipment.

Utilization increased to 91% during the quarter from 80% in the same period last year. Contract utilization increased to 76% from 71% in 2Q 2015, and Multi-Client utilization decreased to 15% from 19% in 2Q 2015.

During the quarter, the company conducted work on one Multi-Client project, offshore Brazil, with acquisition started and completed in the quarter.

Polarcus secured three new contract awards since the end of the last quarter. Of the recent contract awards, two are for countries in which Polarcus has not previously operated, and one project will be acquired with the company’s new XArray technology.

 

Seismic market ‘continues to be challenging’

 

According to Polarcus, the marine seismic market continues to be challenging with continued subdued exploration spending by oil companies and lower tender activity across all geographic regions. There is reduced prefunding available from prospective clients for Multi-Client projects and competition for proprietary contracts remains high, the company said.

The estimated value of backlog measured at the end of the quarter is $150 million, including contracts awarded post-quarter end.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

GeoConvention 2019

GeoConvention offers some of the best local and international insights to efficient energy exploration…

read more >

16th MOSCOW INTERNATIONAL OIL AND GAS EXHIBITION

The Moscow International Oil & Gas Exhibition display products like oil and gas products, oil and gas services…

read more >

Erbil International Oil & Gas Exhibition 2019

The event will be held at the Erbil International Fair Ground which is one of the largest energy related events in Iraq…

read more >

THE 24 th IRAN INTERNATIONAL OIL , GAS , REFINING & PETROCHEMICAL EXHIBITION

The second largest OPEC producer, Iran sits atop 11 percent of oil and 18 percent of gas…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply