Polarcus 2Q Results Miss Forecasts, Firm Cuts Guidance

Reuters

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.

WHAT DO YOU THINK?

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.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Equipment Operator (Frac)
Expertise: Driller|Well Control
Location: Midland, TX
 
Truck Driver (Sand)
Expertise: Driller|Oil Terminal / Storage Management|Well Servicing & Testing
Location: Midland, TX
 
Field Inventory Technician
Expertise: Field Service Tech
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $50.64/BBL 0.62%
Light Crude Oil : $48.04/BBL 1.47%
Natural Gas : $3.01/MMBtu 2.58%
Updated in last 24 hours