Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) announces the release of the Company's Second Quarter 2017 vessel utilization as follows:
| Utilization | Q2 - 2017 | Q2 - 2016 | FY - 2016 |
| Utilization | 75% | 91% | 83% |
| By category: | |||
| Contract Seismic | 75% | 76% | 71% |
| Multi-Client | 0% | 15% | 12% |
| Transit | 13% | 9% | 12% |
| Yard | 7% | 0% | 2% |
| Standby | 5% | 0% | 3% |
Polarcus Nadia is excluded from vessel utilization subsequent to cold-stacking on 01 April 2015
The low utilization of 75% in Q2 2017 was guided during the quarter and was driven by yard stays and vessel relocations.
All vessels are currently in production, with Q3 2017 utilization expected to be at 90% as previously indicated.
The Company will be releasing its Second Quarter 2017 Report on 04 August 2017 at approximately 07:00hrs CEST (09:00hrs UAE). A webcast and conference call will be hosted by Polarcus on the same day commencing at 09:00hrs CEST (11:00hrs UAE).
Contacts
Hans-Peter Burlid, CFO
+971 50 559 8175
hp.burlid@polarcus.com
About Polarcus
Polarcus (OSE: PLCS) is an innovative marine geophysical company with a pioneering environmental agenda, delivering high-end towed streamer data acquisition and imaging services from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating leading-edge maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced onboard processing solutions and employs over 400 professionals worldwide. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com