Polarcus vessel utilization drops in Q2

Polarcus, a Dubai-based seismic contractor, has recorded a drop in its vessel utilization in the second quarter of 2020.

The vessel activity decreased from 72 percent in Q2 2019 to 50 percent in Q2 2020.

According to Polarcus, on a contracted basis the vessel utilization dropped to 50 percent in Q2 2020 compared to 72 percent in Q2 2019.

The multi-client basis has remained at 0 percent in both quarters.

The percentage of the standby vessels was 47 percent in Q2 compared to 4 percent in Q2 2019.

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