Seismic player Polarcus has reduced quarterly loss when compared to fourth-quarter 2017 as revenues increased close to 80 percent.
The Oslo-listed company reported net loss for the quarter ended December 31, 2018 of $18.1 million, versus loss of $91.7 million in Q4 2017.
However, Polarcus’ loss widened close to $10 million sequentially, as revenues fell 23 percent quarter-on-quarter.
Polarcus generated revenues for the quarter of $66.6 million, against $37.2 million same time last year.
Result for the twelve months of 2018 was a net loss of $32 million on revenue of $229 million, versus net loss of $172 million on revenue of $179 million.
Backlog at end-December 2018 was estimated at $232 million, up 42 percent from same time last year.
Subsea World News Staff