Polarcus Loses Another Seismic Contract

Oslo-listed provider of offshore seismic surveys Polarcus has seen a seismic contract in Africa terminated, just days after it lost a deal in Asia.

Polarcus said Friday that a client in West Africa had decided to cease operations on the project, "and the contract has been terminated."

"The client has accepted that compensation for early termination is payable in these circumstances. Polarcus is engaged in discussions for alternative project opportunities, although the company expects its vessel utilization in Q2, 2020, to be negatively impacted," Polarcus said.

The news of the termination comes after the company on Monday said it had lost a seismic acquisition contract for a project in the Asia Pacific region.

The company at the time said it remained well-positioned to secure further awards for work in 2020. Polarcus did not say which vessels exactly were involved in the contracts that have been terminated.

According to MarineTraffic, Polarcus currently has two vessels in West Africa, the Polarcus Adira, and the Polarcus Naila.

Current News

UK Bags $10B Japanese Investment for Offshore Wind and Hydrogen Projects

UK Bags $10B Japanese Investme

Staatsolie Takes Back Offshore Oil Block in Suriname as Hess Exits

Staatsolie Takes Back Offshore

With 'Indication of Interest', Argeo Suspends Bankruptcy Decision

With 'Indication of Interest',

Empire Energy, Ellevo Set Up Joint Offshore Wind Lifting and Transport Unit

Empire Energy, Ellevo Set Up J

Subscribe for OE Digital E‑News

 
Offshore Engineer Magazine