Polarcus Posts Shrinking Losses, Growing Sales in 2019
Marine seismic player Polarcus has cut its deficit in 2019 as improved market boosted the company’s revenues by 44 percent against 2018.
The Oslo-listed company reported loss for the 2019 of $10 million, on revenues of $290.6 million, versus loss of close to $32 million and revenues of $202.2 million in 2018.
Polarcus’ EBITDA more than doubled year-on-year from $29 million in 2018 at $63.4 million in 2019.
For the quarter ended December 31, 2019, Polarcus booked net loss of $19 million on segment revenues of $53 million, compared to net loss of $18 million and revenues of $58.4 million same time last year.
According to Polarcus, quarterly revenue was impacted by lower utilization resulting from planned repositioning of the fleet, as well as a delayed contract award on one project and an extended yard stay for one vessel.
Vessel utilization for the year 2019 was at 79 percent, compared to 87 percent in 2018, but market uptick resulted in substantially higher realized day rates year-on-year.
Company’s backlog stands at $240 million as of December 31, 2019, and it’s the strongest since 2014.
Polarcus said that its fleet is 100% booked into late Q2 2020 and 65 percent booked for full year 2020.
Subsea World News Staff