Polarcus Limited released its second quarter 2015 financial statements, revealing revenues of $91.7 million and gross cost of sales of $61.6 million, down 33 percent and 27 percent from Q2 2014, respectively. EBITDA was $38.4 million, down 23 percent from Q2 2014 with increased margin to 42 percent from 36 percent.
Polarcus CEO Rod Starr said, “The seismic market remains highly competitive and the outlook uncertain, but we moved quickly early in the year with our focus on business fundamentals that continues unabated. Our second quarter results are bearing the fruits of that labor; costs are down, backlog is up and liquidity has improved.”
Starr continued, “This 'back-to-fundamentals' strategy includes a clear focus on continued operational excellence and technical innovation. Polarcus employees onshore and offshore have pulled together to demonstrate our industry leadership during these challenging times. Our modern and right-sized seismic fleet continues to deliver rock-solid performance even when undertaking the most complex of projects in challenging remote locations such as the Russian Far East. Additionally, our geophysical experts continue to innovate. Their latest output, XArray, is a combined acquisition and processing solution for delivering improved inline and crossline resolution using real data while retaining the efficiencies of large seismic spreads. This saves both time and cost without compromising data quality.”
“Looking ahead, we are 100 percent booked for Q3 and have more than 80 percent backlog coverage for the remainder of 2015 with the expectation of more to come as several major industry projects are yet to be awarded. Combined with the capital discipline that is now firmly embedded at Polarcus, this will help ensure the company's resilience through turbulent times within the sector,” Starr concluded.