Polarcus, a Dubai-based seismic contractor, has recorded a decrease in its vessel utilization during the fourth quarter of 2019.
The vessel activity also decreased on a full year basis from 87 percent in 2018 to 79 percent in 2019.
Quarterly vessel utilization was at 71 percent compared to 96 percent in the fourth quarter of 2018.
According to Polarcus’ update, on a contracted basis the vessel utilization dropped to 64 percent in Q4 2019 compared to 96 percent in Q4 2018, while on the full year basis the utilization decreased to 77 percent in 2019, compared to 82 percent in 2018.
The multi-client basis has seen an increase to 7 percent in Q4 2019 from 0 percent in Q4 2018. On a full year basis the drop on multi-client basis was 3 percent, from 5 percent in 2018 to 2 percent in 2019.
The percentage of the standby vessels was 5 percent in Q4 compared to 0 percent in Q4 2018.
The company excluded Polarcus Nadia seismic vessel from vessel utilization numbers subsequent to cold-stacking in April 2015.