A Seismic Shift
was hit with a double whammy: COVID-19 and a global lockdown that hit demand for oil plus a fallout between Russia and OPEC that flooded the market with oil, sending the prices down even further. As expected, exploration budgets were cut, and seismic players revenues were hit, with some of them, such as Polarcus, going out of business.Now, with oil prices back up to around $80, the situation for explorers has improved, with Rystad Energy recently reporting that vessel utilization in the offshore oil and gas seismic data acquisition sector had reached pre-pandemic levels in the third quarter of 2021.Rystad
Seismic Surveyor Polarcus Sees Shares Nosedive as it Defaults on Debt Payment
Oslo-listed seismic surveyor Polarcus has defaulted on its bank loans and bonds, it said on Tuesday, sending the company's shares plunging more than 30%.Polarcus and other seismic surveyors have been hit by weak demand as oil companies slash spending on geological data amid the coronavirus pandemic and last year's crash in the price of crude."The company intends to pursue all available options with a view to ensuring the financial sustainability of the company and in the meantime will halt all payments of interest and amortization to finance providers," it said in a statement.
Polarcus: Client Cancels Seismic Project in Asia Pacific
Seismic data acquisition company Polarcus has lost a seismic acquisition contract for a project in the Asia Pacific region.The company in December said it had been awarded a four-month marine seismic survey project in the Asia Pacific region with an unnamed client, starting in the second quarter of 2020.However, on Monday, March 16, 2020, Polarcus said that the client has decided not to proceed with the project and has terminated the seismic data acquisition contract. “Polarcus is exploring alternative opportunities for the vessel. All Polarcus’ other active vessels are in production
Polarcus Seismic Vessel Refit Completed
Portugal’s Navalrocha shipyard said it has completed a multimillion-euro repair and refit project for Dubai-based marine geophysical company Polarcus.The drydock project which completed in January 2020 involved a broad package of work to the ultra-modern 14 streamer 3D/4D seismic vessel – Polarcus Naila.The vessel is environmentally advanced with diesel-electric propulsion, high specification catalytic converters, a double hull and advanced bilge water cleaning system.“The Polarcus Naila visited Navalrocha shipyard for a total of 33-days running through the Christmas period,”
Seiche Environmental Strengthens Team
at GeoGuide Consultants Ltd, joins the business as Associate Director to enhance the team’s world-renowned operating in the oil and gas, marine construction and engineering, offshore renewables, and marine science sectors.Hyam has worked for clients including Spectrum, seismic contractors such as Polarcus, SeaBird, CGG, and large oil companies including Shell, Kosmos, Statoil and ENI.Nicky Harris is being promoted to Associate Director within the business where she has played a key role in expanding Seiche Environmental’s services. Michelle Roffe was recently promoted to Business Development
Polarcus Kicks Off Australia Survey
Polarcus has begun the latest phase of the Cygnus regional multi-client 3D survey in the Vulcan Sub-basin, offshore north-west Australia, the marine geophysical company announced on Monday.The 1,500-square-kilometer Phase 3 South survey, covering the Skua, Swift and Montara area, completes over 7,200 square kilometers of continuous XArray Triple Source coverage.The Cygnus anisotropic PSDM dataset provides exploration geoscientists with a 3D dataset which allows evaluation of the basin including a number of farm-in opportunities and several areas of open acreage.The prospectivity of the basin has again
Polarcus Wins Seismic Project in APAC
Polarcus has been awarded an XArray marine seismic acquisition project in the Asia Pacific region, the company announced on Monday.According to Polarcus, the work is slated to commence in the second quarter of 2020 with a duration of approximately four months.
Polarcus Wins 4D Job in Brazil
Polarcus said it has been awarded a seismic acquisition program in Brazil commencing in the third quarter of 2020.According to Polarcus, the 10-month program comprises 4D acquisition in obstructed areas with a multi-azimuth component.
Neptune Launches Petrel Seismic Campaign
Neptune Energy announced it has begun seismic surveys in the Petrel field, located in the Bonaparte Basin of Australia, the first substantial investment in Petrel for five years.Neptune, on behalf of the Petrel JV, has entered into a non-exclusive data licensing agreement with Polarcus Asia Pacific Pte Ltd, which is acquiring the Petrelex 3D seismic survey.The study will expand the area of seismic data Neptune holds and increase the quality and breadth of data to allow Neptune and its partners to plan for the future, the company said.Neptune Energy Australia Managing Director, Janet Hann said: “Th
February 2024
