Polarcus Sees Drop in Vessel Activity

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

Quarterly vessel utilization was at 72 percent compared to 85 percent in the second quarter of 2018.

According to Polarcus’ update, on a contracted basis the vessel utilization decreased to 72 percent in Q2 2019 compared to 81 percent in Q2 2018.

The multi-client basis has seen a drop to 0 percent in Q2 2019 from 4 percent in Q2 2018.

The percentage of the standby vessels was 4 percent in Q2 compared to 1 percent in Q2 2018.

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

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