Polarcus’ fleet utilization increases

Polarcus' fleet utilization increases

Polarcus, a marine seismic acquisition company, on Tuesday posted its fleet utilization figures for the second quarter of 2016.

Utilization for the quarter was 91 percent, an increase from 80 percent in the second quarter of 2015.

By category, 76 percent of vessel utilization came from contract seismic, and 15 percent from multi-client, compared to the second quarter of 2015, when utilization was 61 percent contract seismic, and 19 percent multi-client.

Polarcus does not include it Polarcus Nadia vessel in vessel utilization numbers, as the vessel has been cold stacked since April 2015.

Regarding the Polarcus Nadia, in a recent interview with Offshore Energy Today, Polarcus CEO, Rod Starr said: “While we would have liked to bring the Polarcus Nadia back for the summer season, we don’t see the long-term demand yet.”

Furthermore, in the same interview, commenting on the amount of money needed to keep a vessel cold-stacked, Starr said it costs us approximately $1.6M per year.

“To re-fit with streamer package and other consumables, it is estimated to be approximately $40 million if paying full new market price. If there were used streamer packages in the market, this figure could be considerably less,” Starr said.

Read the full interview here: https://bit.ly/2928Cz0

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