Seismic contractor, Polarcus has posted quarterly loss on 26 percent lower revenues when compared to first-quarter 2016, but said it had managed to narrow its loss sequentially by $59 million.
The Oslo-listed company reported net loss for the quarter of $38 million or $0.05 per share, versus profit of $146 million in Q1 2016. Sequentially, the net loss was trimmed from $97 million or $0.18 per share.
Revenues for the quarter dropped to $47.2 million from $63.7 million in Q1 2016. Quarter-on-quarter revenues were flat. Gross cost of sales was down 12 percent from Q4 2016, and general and administrative expenses were also cut by some 19 percent.
Backlog as at end-March 2017 was estimated at $205 million, with eight contract awards since Q4 2016-end, including contract extensions and a long-term charter.
In the first quarter 2017, the company appointed Duncan Eley as its new chief executive officer to replace Rod Starr, who left Polarcus after the completion of a two-year period of restructuring, refinancing and reorganization.
Subsea World News Staff