Polarcus Slips into the Red Despite Strong Q1 Revenue Gains
Seismic player Polarcus has booked quarterly loss when compared to first-quarter 2018, despite major revenue boost of some 145 percent in Q1 2019.
The Oslo-listed company reported net loss for the quarter ended March 31, 2019 of $5.3 million, versus profit of $2.8 million in Q1 2018. The Q1 2018 results included significant non-cash accounting gains following the financial restructuring in 2018, Polarcus noted.
Polarcus generated revenues for the quarter of $75 million, against $31 million same time last year, driven by a more than doubling of contract revenue and boost in multi-client prefunding revenue.
Vessel utilization increased to 92 percent, against 83 percent in Q1 2018, driven by improved utilization on contract projects.
Backlog at end-March 2019 was estimated at $170 million, up from $150 million same time last year.
Polarcus said it expects improved financial performance in the second half of 2019, following a number of scheduled vessel relocations taking place during Q2 2019.
Subsea World News Staff