Polarcus Cuts 20% of Workforce

Offshore seismic services provider Polarcus is reducing its headcount further by 20 percent, the company said Monday, citing the market uncertainty and bleak near-term outlook caused by low oil prices and COVID-19.

Oslo-listed Polarcus had on March 31 announced cost-cutting measures which were planned to save it $15 million in 2020. These included reductions in headcount and employees’ salaries and vessel stacking. Polarcus at the time did not say how many people exactly it would let go.

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