Polarcus: Third quarter 2015 Report – Performing in a Weak Market
Polarcus Limited announces the release of its third quarter 2015 financial statements.
Highlights in the third quarter 2015:
– Revenues of USD 132.2 million, up 44% from Q2 2015
– EBITDA of USD 69.6 million, up 81% from Q2 2015 with increased margin to 53%, up from 42%
– Cash from operations of USD 55.5 million, up 74% from Q2 2015
– Multi-Client prefunding ratio of 98%
– Vessel utilization of 93%
– Closing main component of the partial Multi-Client library divestment
“Polarcus delivered record results during the third quarter in what is shaping up to be the most severe industry downturn in recent history. The actions we took early in the year with a clear focus on business fundamentals has enabled us to improve the financial performance in this difficult market. We have been able to achieve the industry’s strongest vessel utilization and secure premium rates where the company’s value differentiators are being recognized by clients.
Our 2015 Agenda continues to drive increased market share and also deliver significant cost reductions to improve profitability. These achievements combined with continued exceptional operations across the entire fleet delivered a net profit of USD 19.8 million and a free cash flow of 33.2 million in the third quarter.
Looking ahead, the market remains uncertain on account of continued low seismic spending by oil companies. Tender activity remains volatile and market rates competitively low. We are well positioned, however, heading into the winter season with 75% booked capacity for the next six months, and we remain confident of our competitiveness in this downturn.”
Rod Starr
Chief Executive Officer
