Polarcus, a Dubai-based seismic contractor, has seen an increase in its vessel utilization during the first quarter of 2019.
Quarterly vessel utilization was at 92 percent compared to 83 percent in the first quarter of 2018.
According to Polarcus’ update, on a contracted basis the vessel utilization increased to 92 percent in Q1 2019 compared to 65 percent in Q1 2018.
The multi-client basis has seen a drop to 0 percent in Q1 2019 from 18 percent in Q1 2018.
The percentage of the standby vessels was 0 percent in Q1 compared to 6 percent in Q1 2018.
The company excluded Polarcus Nadia seismic vessel from vessel utilization numbers subsequent to cold-stacking in April 2015.