Polarcus Reports Increase in Vessel Activity

Polarcus, a Dubai-based seismic contractor, has seen an increase in its vessel utilization during the fourth quarter of 2018.

The vessel activity also increased on a full year basis from 77 percent in 2017 to 87 percent in 2018.

Quarterly vessel utilization was at 96 percent compared to 68 percent in the fourth quarter of 2017.

According to Polarcus’ update, on a contracted basis the vessel utilization increased to 96 percent in Q4 2018 compared to 58 percent in Q4 2017, while on the full year basis the utilization increased to 82 percent in 2018, compared to 71 percent in 2017.

The multi-client basis has seen a drop to 0 percent in Q4 2018 from 10 percent in Q4 2017. On a full year basis the drop on multi-client basis was 1 percent, from 6 percent in 2017 to 5 percent in 2018.

The percentage of the standby vessels was 0 percent in Q4 compared to 20 percent in Q4 2017.

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

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