Oslo-listed marine seismic services company Polarcus has signed a contract for a survey in the Asia Pacific region, the Oslo-listed marine seismic services company announcing that the deal is for an XArray marine seismic acquisition project.
As per custom, Polarcus did not disclose the identity of the client nor any financial value associated with the deal.
Polarcus said the survey would start in June this year and would last for approximately one month. The company did not reveal which vessel would be deployed for the project.
The latest award comes at a precarious time for offshore seismic contractors which were recently flagged by Norway’s Rystad Energy as the most vulnerable in the oil and gas supply chain due to the fallout of historically low oil prices and the COVID-19 crisis.
According to Rystad, offshore seismic revenues could fall by 51% this year with Brent at US$30 and as much as 77% at US$20.
Polarcus has responded to this climate of uncertainty by revealing contingency plans to reduce workforce and salaries and stack survey vessels.
The company has two vessels located in the Asia Pacific region, Polarcus Asima in Australia and the Polarcus Alima in Malaysia.