Polarcus Chops Q4 Loss

Seismic player Polarcus has reduced quarterly loss when compared to fourth-quarter 2017 as revenues increased close to 80 percent.

The Oslo-listed company reported net loss for the quarter ended December 31, 2018 of $18.1 million, versus loss of $91.7 million in Q4 2017.

However, Polarcus’ loss widened close to $10 million sequentially, as revenues fell 23 percent quarter-on-quarter.

Polarcus generated revenues for the quarter of $66.6 million, against $37.2 million same time last year.

Result for the twelve months of 2018 was a net loss of $32 million on revenue of $229 million, versus net loss of $172 million on revenue of $179 million.

Backlog at end-December 2018 was estimated at $232 million, up 42 percent from same time last year.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

OFFSHORE TECHNOLOGY CONFERENCE (OTC2020)

The Offshore Technology Conference (OTC) is where energy professionals meet to exchange ideas and opinions to advance…

read more >

Oceanology International 2020

Exhibitors from industry, government and research institutions share their knowledge and come…

read more >

OTC ASIA 2020

The Offshore Technology Conference Asia (OTC Asia) is where energy professionals meet to exchange…

read more >

Shallow and Deepwater Mexico Exhibition and Conference

Shallow and Deepwater Mexico, an offshore oil and gas exhibition and conference is the key center for the international offshore oil and gas community in Mexico. 

read more >