POLARCUS has warned of further project delays and downsizing of awarded seismic surveys due to the impact of the Covid-19 pandemic and low oil prices as it remained in the red in the first quarter despite boosting revenue. The Dubai-based contractor has already been hit by the cancellation of a survey in Asia Pacific and early termination of a project off West Africa, amid exploration cutbacks by oil companies. "While many clients remain focused on their seismic acquisition plans, the industry may encounter project deferrals, operational disruptions and reductions in the size of awarded surveys as a consequence of the low oil price and the Covid-19 pandemic," Polarcus stated.
展开▼
