New awards, strong vessel utilization and again an office in Norway.
Polarcus’ vessel utilization rates for Q1 2020 is slightly lower than for Q1 2019 (92%), but 89% utilization is positive in the current situation.
A decrease in contract seismic from Q1 2019 (from 92% to 80%) is compensated by an increase in multi-client: from 0% in Q1 2019 to 9% in Q1 2020.
Yesterday, Polarcus announced the award of an XArray™ 3D marine seismic acquisition project in North West Europe, with a duration of approximately 3 months.
TGS announced this morning that the Polarcus Adira will acquire their Atlantic Margin 2020 survey, and the vessel has an acquisition specification fully optimized for high lateral resolution recording and will tow two 11-kilometer streamers for full waveform inversion (FWI).
Polarcus has not had any representatives based in Norway for some years now, but recently opened an asset management services office in Oslo. Polarcus has its head office in Dubai and regional offices in London, Houston and Singapore.