Seismic player Polarcus has reduced quarterly loss when compared to second-quarter 2017 as revenues increased some 24 percent.
The Oslo-listed company reported net loss for the quarter ended June 30, 2018 of $8 million, versus loss of $34 million in Q2 2017.
Sequentially, Polarcus slipped into red from profit of close to $3 million, despite higher revenues quarter-on-quarter.
Revenues for the quarter increased 46 percent sequentially on higher proprietary contract revenue, backed by improved vessel utilization and day rates. Total utilization for the quarter was 85 percent.
Result for the first six months of 2018 was a net loss of $5.3 million on revenue of $75.3 million, versus net loss of $71.7 million on revenue of $83.2 million.
Backlog at end-June 2018 was estimated at $150 million.