Posted On: 06-05-2020
Marine seismic player Polarcus has cut its deficit in Q1 2020 despite slightly lower revenues on improved pricing compared to prior year. The Oslo-listed company reported loss for the Q1 2020 of $4.2 million, on revenues of $66.3 million, versus loss of $5.3 million klockor kopior rolex and revenues of $67.1 million in Q1 2019. The Polarcus core fleet scored 26 per cent higher revenues in Q1 2020 against Q1 2019 driven by improved pricing. Polarcus’ EBITDA more than doubled year-on-year from $10 million in Q1 2019 at $22.2 million in 2019. Vessel utilization for the quarter ended March 31, 2020 was at 89 percent, versus 92 percent in Q1 2019. The oil price drop and the COVID-19 pandemic during March 2020 impacted the short-term activity outlook of the company. Premature termination of West Africa project resulted in 6 per cent standby time in the quarter. In addition, Polarcus backlog took a hit by another cancellation in Asia Pacific which was set for Q2 2020. Company’s backlog stands at $157 million as of March 31, 2019, versus $170 million same time last year. Going forward,Polarcus said it will implement business continuity initiatives and cost reduction measuresto navigate the current market uncertainty.
(Credits: www.offshore-energy.biz
