Polarcus Sees Loss Shrink
- Business & Finance
Polarcus has narrowed its quarterly loss when compared to third-quarter 2016, as the seismic player managed to lower its operating costs by close to 16 percent year-over-year.
The Oslo-listed company reported net loss for the quarter of $9.1 million or $0.06 per share, versus loss of $17.4 million in Q3 2016. Sequentially, the net loss was trimmed from $33.7 million or $0.22 per share.
Revenues for the quarter dropped to $58.5 million from $64.6 million in Q3 2016. Quarter-on-quarter revenues hiked 62 percent. Sequentially, vessel utilization increased to 92 percent, up from 75 percent.
Gross cost of sales was down 3 percent from Q2 2017, and general and administrative expenses were also cut by some 16 percent. Gross cost of sales in the prior year comparable period was $56.5 million, which Polarcus reduced to $40.3 million in Q3 2017 (close to 30 percent). Total cost was $40.6 million, down from $47.9 million in Q3 2016.
Backlog as at end-September 2017 was estimated at $125 million, including the two bareboat charters.
Subsea World News Staff