Polarcus Reports Improved Results in Third Quarter 2019

Seismic player Polarcus has bounced back in black when compared to third-quarter 2018 as revenues increased some 19 percent.

The Oslo-listed company reported profit for the quarter ended September 30, 2019 of $13.7 million, versus loss of $8.4 million in Q3 2018.

For the nine months in 2019, Polarcus’ booked profit of $9 million on revenues of $235 million, against loss of close to $14 million on revenues of $144 million.

Polarcus generated revenues for the quarter of $103.4 million, versus $87 million same time last year.

Vessel utilization for the quarter was at 74 percent, compared to 79 percent same time last year.

Company’s backlog stands at $200 million as of September 30, 2019 ($170 million same time last year).

Polarcus said it expects its earnings in Q4 2019 to be reduced sequentially but to be stronger year-over-year.

Subsea World News Staff