Slight Drop for Polarcus Fleet Utilization

Seismic contractor, Polarcus, has seen a minor decrease in its vessel utilization during the first quarter of 2017.

The utilization of the vessel fleet was 72 percent in Q1 2017 compared to 79 percent in the corresponding period in 2016.

On the contracted basis the vessel activity was 58 percent compared to 67 percent in Q1 2016.

The multi-client basis has seen an increase of 2 percent, from 12 percent in Q1 2016 to 14 percent in Q1 2017.

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

The company cold-stacked the vessel due to uncertain market and competitive day rates, and decided to relocate the seismic equipment to other vessels in its fleet.

Subsea World News Staff