Polarcus Back in Black

Seismic player Polarcus has bounced back in black when compared to second-quarter 2018 as revenues increased some 45 percent.

The Oslo-listed company reported profit for the quarter ended June 30, 2019 of $600K, versus loss of $8.1 million in Q2 2018.

For the first six months in 2019, Polarcus’ loss narrowed at $4.7 million on revenues of close to $132 million, against loss of $5.3 million on revenues of $88.6 million.

Polarcus generated revenues for the quarter of $64.8 million, versus $44.6 million same time last year.

The company said its fleet is 80 percent booked for the second half of 2019 and backlog of $200 million ($150 million same time last year).

Vessel utilization for the quarter was at 72 percent, compared to 85 percent same time last year, impacted by vessel repositioning early in the quarter.

Subsea World News Staff