Polarcus Records Minor Decline in Vessel Activity

Seismic contractor, Polarcus, has seen a slight drop in the vessel activity in the third quarter of 2016.

The utilization of the vessel fleet was 90 percent in Q3 2016 compared to 93 percent in the corresponding period in 2015.

On the contracted basis the vessel activity was 20 percent higher, coming to 86 percent compared to 66 percent in Q3 2015.

The multi-client basis has seen a drop to 4 percent in Q3 2016 compared to 27 percent in Q3 2015.

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

The company cold-stacked the vessel due to uncertain market and competitive day rates, and decided to relocate the seismic equipment to other vessels in its fleet.

Subsea World News Staff

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