Polarcus Shrinks Loss
Seismic player Polarcus has reduced quarterly loss when compared to third-quarter 2017 as revenues increased some 49 percent with prefunding of multiclient revenue recognized in accordance with IFRS (International Financial Reporting Standard).
The Oslo-listed company reported net loss for the quarter ended September 30, 2018 of $8.4 million, versus loss of $9.1 million in Q3 2017.
Sequentially, Polarcus loss widened by $0.3 million, despite higher revenues quarter-on-quarter.
Revenues for the quarter increased 95 percent sequentially on the above mentioned multiclient revenue adjustment and 14 percent higher contract revenue, backed by improved vessel allocation to contract. Total utilization for the quarter was 86 percent.
Result for the first nine months of 2018 was a net loss of $13.7 million on revenue of $162.3 million, versus net loss of $80.8 million on revenue of $141.8 million.
Backlog at end-September 2018 was estimated at $170 million, up 36 percent from same time last year.
Subsea World News Staff