Polarcus Records Slight Drop in Vessel Activity

Polarcus, a Dubai-based seismic contractor, has recorded a slight decrease in its vessel utilization during the third quarter of 2019.

Quarterly vessel utilization was at 83 percent compared to 86 percent in the third quarter of 2018.

According to Polarcus’ update, on a contracted basis the vessel utilization has seen a slight drop to 83 percent in Q3 2019 compared to 86 percent in Q3 2018.

The multi-client basis was unchanged with the utilization of 0% for the third quarter of both years.

The percentage of the standby vessels was 3 percent in Q3 compared to 2 percent in Q3 2018.

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