West Africa win for Polarcus

Marine seismic player Polarcus has secured a contract for a 3D seismic data acquisition services in West Africa.

According to the Oslo-listed company, the contract has an expected duration of two months.

The project, for an undisclosed client and unknown value, should commence in the fourth quarter of 2020.

End-August this year, Polarcus announced an XArray 3D marine seismic acquisition project in West Africa commencing in October this year.

This project also has a duration of approximately 2 months.

The company’s third quarter 2020 vessel utilization stands at 43 percent, down from 83 per cent last year.

Recently re-delivered geophysical exploration vessel Polarcus Amani (Ivan Gubkin) is not in these stats due to stacking on 25 September 2020.

Polarcus, who reported second quarter 2020 loss of $20.7 million on revenues of $22.1 million, plans to release its Q3 numbers at the end of this month.