3D marine seismic project offshore Egypt awarded to Polarcus

Polarcus Limited has received an award from an undisclosed client for a 3D marine seismic project offshore Egypt utilising Polarcus' RightBAND™ technique for broadband data acquisition.

This news follows the company’s recently released 4Q14 results, with highlights such as:

• Revenue of US$93.3 million, down 24% from the same quarter the previous year.
• Multi-client sales of US$21.1 million, up 100% from the same quarter the previous year.
• Utilisation of 70% negatively impacted by 10% standby time.
• EBIT of US$ -18.8 million before and US$ -47.7 million after non-recurring charges.
• Backlog of US$280 million providing good visibility for 2015.

The project offshore Egypt will commence in 1Q15 and is expected to run for approximately 50 days.

Adapted from press release by Cecilia Rehn

Read the article online at: https://www.oilfieldtechnology.com/exploration/06032015/3d-marine-seismic-project-offshore-egypt-awarded-to-polarcus/