Polarcus gets second seismic project cancellation this week

For the second time this week, marine seismic player Polarcus has received a project termination for a previously awarded seismic acquisition project.

Source: Polarcus
Source: Polarcus

The project in question is a 3D marine seismic acquisition survey offshore West Africa, awarded back in November 2018.

At the time, the company did not reveal any details on the client nor on the value of the deal. The award comprised two surveys of approximately three months each, with the first survey in the second quarter of 2019 and the second survey in the fourth quarter of 2019.

Polarcus said on Friday that the client had decided to cease operations on the project and that the contract had been terminated.

According to the company, the client has accepted that the compensation for early termination is payable in these circumstances.

Polarcus added that it was engaged in discussions for alternative project opportunities. The company also stated that it expected its vessel utilization in the second quarter of 2020 to be negatively impacted.

It is also worth reminding that the first cancellation Polarcus received was on Monday when a client canceled an XArray marine seismic acquisition project in the Asia Pacific region.

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