Polarcus Vessel Activity Drops in Q2

Polarcus, a Dubai-based seismic contractor, has recorded a drop in its vessel utilization during the second quarter of 2017.

Quarterly vessel utilization declined to 75 percent from 91 percent in the second quarter of 2016.

“The low utilization of 75 percent in Q2 2017 was guided during the quarter and was driven by yard stays and vessel relocations,” Polarcus said.

On the contracted basis the vessel activity has lowered 1 percent, from 76 percent in Q2 2016 to 75 percent in Q2 2017.

The multi-client basis has seen the biggest decrease from 15 percent in Q2 2016 to 0 percent in Q2 2017.

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

“All vessels are currently in production, with Q3 2017 utilization expected to be at 90 percent as previously indicated,” the company noted.

Subsea World News Staff