Polarcus’ Vessel Activity Drops in Q3 2018

Polarcus, a Dubai-based seismic contractor, has seen a decrease in its vessel utilization during the third quarter of 2018.

Quarterly vessel utilization dropped to 86 percent from 92 percent in the third quarter of 2017.

A 6 percent vessel activity drop was recorded on the contracted basis, while the multi-client basis has stayed at 0 percent in Q3 2018, the same as in Q3 2017.

The percentage of the standby vessels was 2 percent in Q3 compared to 0 percent in Q3 2017.

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