Polarcus’ 2Q Revenue Hit by Contract Cancellations, Lower Rates

Marine seismic contractor Polarcus saw its second-quarter revenue fall due to contract cancellations and lower dayrates caused by the slump in oil prices and the oil companies’ exploration budget cuts that followed.

During the quarter, the company saw its vessel utilization drop to 50%, compared to 72% in Q2 2019. Backlog was approximately USD 141 million, compared to USD 200 million at the same time last year.

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