Polarcus narrows 2Q loss

Polarcus

Polarcus posted a $11.2 million net loss for the second quarter, versus $78.3 million in the corresponding period last year.

Polarcus’ revenues dropped to $67.9 million during the quarter, compared to $91.7 million in the year ago quarter.

Further, the company’s capital expenditure during the quarter increased to $2.2 million from $1.7 million in the 2Q 2015. The year to date capital expenditure includes purchase of a complete in-sea seismic acquisition system, a five-year classification survey for one vessel and certain other marine capital equipment.

Utilization increased to 91% during the quarter from 80% in the same period last year. Contract utilization increased to 76% from 71% in 2Q 2015, and Multi-Client utilization decreased to 15% from 19% in 2Q 2015.

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