Seismic contractor Polarcus has posted quarterly loss on non-cash charges and revenues drop of some 35 percent when compared to same time last year.
The Oslo-listed company narrowed net loss for the quarter at $97 million, versus loss of $289 million in Q4 2015.
The company recognised a $24.8 million non-cash impairment charge on the carrying values of the vessels and seismic equipment, as well as a non-cash onerous contract provision of $26.4 million in the quarter.
For the year 2016, Polarcus recorded profit of $20.2 million, compared to $374 million loss in the 2015.
Revenues for the quarter dropped to $47.2 million from $72.4 million in the prior-year comparable period. Full-year revenues also declined some 22 percent to $243.4 million in 2016, compared to $314.2 million in 2015.
“The fourth quarter financial results reflect a challenging seismic market resulting in fleet utilization significantly weaker than the utilization reported by the company in recent quarters. Total utilization was 72%, down from 90% in Q3 2016,” Polarcus noted in its quarterly earnings report.
Backlog as at end-December 2016 was estimated at $230 million.
Subsea World News Staff