Polarcus reports record quarter despite challengesCompany News // November 5, 2013
Seismic survey specialist Polarcus says the third quarter of 2013 saw all time high contract day rates for the company and delivered a record EBIT margin of 27 per cent on strong project execution.
EBITDA and EBIT were lower compared to the same quarter last year due to the reduced fleet capacity of 14 per cent subsequent to the sale of Polarcus Samur. Revenues were down proportionately more due to significantly lower reimbursable revenue in the current period. Contract utilization was lower because of a yard stay and as a result of the company's decision to transit out of the North Sea in order to secure early positioning advantage internationally.
Multi-Client revenues were negatively affected due to the ongoing delay in award of the remaining blocks from the UK 27th Round where the company has new project coverage. The industry had previously anticipated these block awards to be made early in the third quarter but now expects an announcement in the fourth quarter of 2013 prior to the opening of the 28th Round provisionally announced for January 2014.
Commenting on the results, Rolf Rønningen, CEO Polarcus, said: "We have put behind us a decent quarterly result as a function of stellar performance on our vessels when in operation.
"The combination of safe operations, running the vessels efficiently and the quality of our assets gives Polarcus excellent foundation for the future," he said.