Polarcus Chops Q4 Loss

Seismic player Polarcus has reduced quarterly loss when compared to fourth-quarter 2017 as revenues increased close to 80 percent.

The Oslo-listed company reported net loss for the quarter ended December 31, 2018 of $18.1 million, versus loss of $91.7 million in Q4 2017.

However, Polarcus’ loss widened close to $10 million sequentially, as revenues fell 23 percent quarter-on-quarter.

Polarcus generated revenues for the quarter of $66.6 million, against $37.2 million same time last year.

Result for the twelve months of 2018 was a net loss of $32 million on revenue of $229 million, versus net loss of $172 million on revenue of $179 million.

Backlog at end-December 2018 was estimated at $232 million, up 42 percent from same time last year.

Subsea World News Staff