Polarcus 2Q Results Miss Forecasts, Firm Cuts Guidance


OSLO, Aug 8 (Reuters) – Norwegian seismic explorer Polarcus reported second quarter earnings below expectations on Friday and lowered its full-year guidance on growing competition and increased market uncertainty.

Polarcus said its second quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 2.3 percent to $49.9 million, missing forecasts for $56 million.

It also lowered its full-year EBITDA guidance to around $200 million from a previous range of $230 million to $250 million while keeping its multi-client cash investment forecast unchanged at $55 million to $65 million.

(Reporting by Balazs Koranyi)

Copyright 2017 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Equipment Operators Needed! Interview Opportunity!
Expertise: Fracturing|Production Operator|Well Control
Location: Oklahoma City, OK
MWD Field Engineer
Expertise: MWD / LWD
Location: Texas, TX
Autocad Drafter
Expertise: Drafting
Location: Houston, TX
search for more jobs

Brent Crude Oil : $53.87/BBL 0.48%
Light Crude Oil : $50.73/BBL 0.79%
Natural Gas : $3.33/MMBtu 2.14%
Updated in last 24 hours