Another Asia Pacific deal for Polarcus

Marine seismic player Polarcus has received a letter of intent for 3D seismic data acquisition services in Asia Pacific.

The project should commence in the third quarter 2020, subject to relevant approvals.

According to the Oslo-listed firm, the acquisition campaign will have a duration of one month.

The client as well as financial details have not been disclosed.

Polarcus also recently entered into a contract with Eni for 3D seismic data acquisition services in Asia Pacific.

The project will have an expected minimum duration of one month.

Finally, it should start in Q1 2021, subject to relevant approvals.

The company has slipped deeper into the red in Q2 2020 as revenues dropped close to 66 per cent compared to prior year.

Polarcus reported second quarter 2020 loss of $20.7 million, versus loss of $0.6 million in Q2 2019.

It generated quarterly revenues of $22.1 million, down from revenues of $64.8 million in the prior year comparable period.

Revenues fell mainly by reduced proprietary contract revenue and reduction in multi-client revenue and other income.

Also, vessel utilization for the quarter ended 30 June 2020 was 50 per cent, versus 72 per cent in Q2 2019.

The company reported backlog at the end of June of about $141 million.