Seismic services player Polarcus has come up with a $15 million cost reduction plan to navigate the current uncertainty facing the marine seismic acquisition market due to the combined impacts of the COVID-19 pandemic and oil price volatility. The plan includes redundancies, reduction of base salary and capex, and warm-stacking vessels in between jobs.

Polarcus said on Tuesday that these initiatives would ensure the company maintains efficient operations, in addition to strengthening the financial resilience of the company through 2020.