Marine seismic participant Polarcus has slipped into the pink in Q3 2020 as income fell some 76 per cent in comparison with prior yr as a result of world slow-down on the again of the COVID-19 pandemic.
The Oslo-listed firm reported third quarter 2020 lack of $13.5 million, versus revenue of $13.7 million in Q3 2019.
Polarcus generated quarterly revenues of $24.three million, down from revenues of $103.four million within the prior yr comparable interval.
Revenues fell primarily by diminished proprietary contract income and discount in multi-client income and different earnings.
Proprietary contract income decreased to $18.9 million from $95 million identical time final yr.
Polarcus’ EBITDA was $2.6 million, in opposition to $29.6 million year-on-year.
For the primary 9 months, Polarcus recognised web lack of $38.5 million on revenues of $102 million.
This compares to $9 million revenue and revenues of $244 million within the prior-year comparable interval.
Vessel utilization for the quarter ended 30 September 2020 was 43 per cent, versus 83 per cent in Q3 2019.
In addition, Polarcus backlog was additionally down in comparison with final yr and now stands at about $139 million.
Going ahead, Polarcus mentioned that sentiment associated to grease value and COVID-19 restrictions can be an essential issue for medium-term demand ranges as E&P firms work with extra compressed price range cycles.
However, current discussions with shoppers do point out that E&P funding ought to improve throughout 2021, Polarcus famous.
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