Dubai-based geophysical survey provider Polarcus Limited has been awarded a marine seismic acquisition programme in Brazil commencing Q3 2020
Polarcus said the programme will be for about 10 months, with the scope comprising 4D acquisition in obstructed areas with a multi-azimuth component.
The award for Polarcus follows its announcement in November that it had secured an XArray marine seismic acquisition project in Malaysia commencing late December for about four months. As a result of the XArray contract, Polarcus said its core seismic vessel fleet is now fully booked to early Q2 2020.
In its interim report for Q3 2019 ended 30 September, Polarcus reported segment revenues of US$103.4M, up from US$55.2M in Q3 2018. Segment EBITDA also showed improvement, rising to US$29.6M for Q3 2019, up from US$7.3M Q3 2018.
However, fleet utilisation was 74% for Q3 2019 as compared with 79% in Q3 2018.
In its outlook for 2020, Polarcus said that despite recent oil price volatility, levels of tender activity from E&P companies continue to improve gradually. “The reshaping of the seismic industry and ongoing consolidation of seismic vessel operators should lead to Polarcus having an expanded client base of more multiclient companies without vessels,” said the company. “In addition, seismic data acquisition capacity has been reduced in recent years which is expected to remain in place going into 2020.”