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Polarcus cutting by 20%

Posted: Mon Jun 22, 2020 3:32 pm
by GuyM
https://www.offshore-energy.biz/polarcu ... reduction/

Shame - more pain for the sector. Not clear how many boats they have running.

This might impact on DUG as well, as DUG provide their processing and onboard processing technology.

https://www.hpcwire.com/off-the-wire/du ... g-mccloud/

As I've commented before, acquisition is the tip of the spear and the start of the value chain; they suffer first in a downturn but are first to recover. Less data collected means less processing and less interpretation, so fewer geophysics roles.

Re: Polarcus cutting by 20%

Posted: Tue Jun 23, 2020 3:44 pm
by geophix
Polarcus seems to follow the fate of Dubai where its headquarters is.

Re: Polarcus cutting by 20%

Posted: Tue Jun 23, 2020 10:06 pm
by GuyM
geophix wrote:
Tue Jun 23, 2020 3:44 pm
Polarcus seems to follow the fate of Dubai where its headquarters is.
They both rise and fall on the oil price I suspect; while Dubai's not a bit producer/exporter there are plenty of businesses (and ex-pats) there servicing the oil industry in the surrounding nations. Not a cheap place to operate out of in some ways, and not all that close to the major offshore explorers.