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Polarcus Q4 results hit by asset impairments

Polarcus Q4 results hit by asset impairments
Dubai-based seismic firm Polarcus took a $242m writedown on its assets in Q4, reflecting the unprofitable state of offshore operations.

Due to be published at the end of this month, Polarcus’ fourth-quarter 2015 results will incorporate impairments comprising $27m on intangible assets, and a $215m writedown on the carrying value of the vessels and seismic equipment.

The firm put the move down to “weak market fundamentals with falling day rates”.

“The impairment charges are expected to be mostly offset by accounting gains in the first quarter 2016 arising from the implementation of the restructuring plan,” said the company in a statement.

As part of its restructuring, Polarcus has recently announced major cuts to its workforce amounting to 26% of the total as of the beginning of February. 

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