Polarcus Slips into Red

Seismic contractor, Polarcus has posted quarterly loss as its revenues declined over 50 percent when compared to same time last year.

The Oslo-listed company reported net loss for the quarter of $17.4 million or $0.03 per share, versus profit of $19.8 million in Q3 2015.

During first nine months of 2016, Poarcus reported profit of $117.3 million, compared to $85 million loss in the prior-year comparable period.

Revenues for the quarter dropped to $64.6 million from $132.2 million in Q3 2015. Nine-months revenues also declined some 36% to $196.2 million in Q3 2016, compared to $305 million in 2015.

Backlog as at end-September 2016 was estimated at $105 million.

Subsea World News Staff