Polarcus Sees Increase in Seismic Vessel Utilization

UAE-based seismic survey vessel provider Polarcus reported Tuesday that utilization of its vessels increased to 83 percent during the first quarter of 2015. Utilization had been 80 percent during 1Q 2014, while Polarcus reported vessel utilization of just 70 percent during the previous quarter.

Multi-client surveys accounted for 36 percent of the vessels' time during 1Q 2015, while contract seismic surveys accounted for almost half (47 percent) of their time.

Nine percent of utilization in the quarter was accounted for by vessels being in transit, while eight percent of vessel time was due to vessels being on standby.



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