Polarcus Slips into the Red Despite Strong Q1 Revenue Gains

Seismic player Polarcus has booked quarterly loss when compared to first-quarter 2018, despite major revenue boost of some 145 percent in Q1 2019.

The Oslo-listed company reported net loss for the quarter ended March 31, 2019 of $5.3 million, versus profit of $2.8 million in Q1 2018. The Q1 2018 results included significant non-cash accounting gains following the financial restructuring in 2018, Polarcus noted.

Polarcus generated revenues for the quarter of $75 million, against $31 million same time last year, driven by a more than doubling of contract revenue and boost in multi-client prefunding revenue.

Vessel utilization increased to 92 percent, against 83 percent in Q1 2018, driven by improved utilization on contract projects.

Backlog at end-March 2019 was estimated at $170 million, up from $150 million same time last year.

Polarcus said it expects improved financial performance in the second half of 2019, following a number of scheduled vessel relocations taking place during Q2 2019.

Subsea World News Staff

Share this article

Follow Subsea World News

Events>

<< Aug 2019 >>
MTWTFSS
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 30 31 1

Submarine Networks World 2019

As the key annual gathering for decision makers in the subsea communications value chain, they offer a dedicated platform…

read more >

8th International Conference 2019 Offshore Wind Power Substations

The International Conference Offshore Wind Power Substations is a technical event for experts in the wind industry.

read more >

Wind Turbine Towers

Wind Turbine Towers is a technical event for experts in the wind industry and the goal is to push forward technical development for future tower concepts.

read more >

Seatrade Europe 2019

The three day event will  take place in the hub of the European cruise industry, Hamburg; Germany…

read more >