Polarcus Records Drop in Vessel Activity in Q1 2020

  • Business & Finance

Polarcus, a Dubai-based seismic contractor, has recorded a decrease in its vessel utilization in the first quarter of 2020.

The vessel activity decreased from 92 percent in Q1 2019 to 89 percent in Q1 2020.

According to Polarcus’ update, on a contracted basis the vessel utilization dropped to 80 percent in Q1 2020 compared to 92 percent in Q1 2019.

The multi-client basis has seen an increase to 9 percent in Q1 2020 from 0 percent in Q1 2019.

The percentage of the standby vessels was 6 percent in Q1 compared to 0 percent in Q1 2019.

The company excluded Polarcus Nadia seismic vessel from vessel utilization numbers subsequent to cold-stacking in April 2015.

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