Polarcus Sees Loss Shrink

Polarcus has narrowed its quarterly loss when compared to third-quarter 2016, as the seismic player managed to lower its operating costs by close to 16 percent year-over-year.

The Oslo-listed company reported net loss for the quarter of $9.1 million or $0.06 per share, versus loss of $17.4 million in Q3 2016. Sequentially, the net loss was trimmed from $33.7 million or $0.22 per share.

Revenues for the quarter dropped to $58.5 million from $64.6 million in Q3 2016. Quarter-on-quarter revenues hiked 62 percent. Sequentially, vessel utilization increased to 92 percent, up from 75 percent.

Gross cost of sales was down 3 percent from Q2 2017, and general and administrative expenses were also cut by some 16 percent. Gross cost of sales in the prior year comparable period was $56.5 million, which Polarcus reduced to $40.3 million in Q3 2017 (close to 30 percent). Total cost was $40.6 million, down from $47.9 million in Q3 2016.

Backlog as at end-September 2017 was estimated at $125 million, including the two bareboat charters.

Subsea World News Staff

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

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OCEANS 2019

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OTC Brasil

The conference is organized by the Offshore Technology Conference (OTC) and Brazilian Petroleum…

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Europort 2019

Europort, organised in the world port city of Rotterdam, will be the leading exhibition for special purpose vessels…

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