Polarcus Third Quarter Results 2020

Delivering tight cost control in a challenging market - Seite 3

The reshaping of the marine seismic industry that has occurred, resulting in fewer acquisition companies, has led to an improved industry structure. Continued supply-side discipline has been observed since the first impact of the COVID-19 pandemic. Four vessels have been removed from the global vessel count since the end of 2019 resulting in 19 global active vessels at the end of Q3 2020. With only 12 of these 19 vessels working on projects going into Q4 2020, further supply-side discipline will be required in order to mitigate reduced demand observed in 2020.

Industry-wide focus on the environment continues to sharpen and Polarcus is receiving growing recognition for its Explore Green capabilities, a cornerstone of the Company since inception. Following a successful launch in 2019, Polarcus Cirrus is expected to gain further momentum as more E&P clients realize the opportunity of accelerated decision-making to compress the timeline for hydrocarbon production. With a highly efficient, modern and uniform fleet, combined with demonstrated operational excellence, Polarcus is well-positioned to continue securing and delivering premium projects around the globe, despite the near-term uncertainty in marine seismic acquisition demand.

Note: All references above to “segment” results have been adjusted for IFRS 15 effects and non-recurring items. Refer to Note 3 in the accompanying interim financial statements.

 

Contacts

Duncan Eley, CEO
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Hans-Peter Burlid, CFO
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About Polarcus

Polarcus (OSE: PLCS) is a focused geophysical service provider of safe and environmentally responsible marine acquisition services globally. Our geophysical offering is driven by innovation and collaboration to provide clients with better seismic data faster. Polarcus operates a fleet of high performance seismic vessels with 3D and 4D imaging capabilities, which incorporate leading-edge technologies for improved environmental performance and operational efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced priority processing solutions including Cirrus, a suite of cloud-based applications and services designed to bring clients closer to acquired seismic data, enabling faster and better informed exploration decisions. The Company services its clients globally from its head office in Dubai and regional offices located in Houston, London, Singapore and delivers Group asset management services from Oslo. For more information, visit www.polarcus.com