Seismic year for Polarcus

Revenues rose slightly from $529.2m to $532.2m, but a 7% decrease in operating expenses, including a $7.4m drop in vessel impairment for the year, boosted operating profit to $118m from $91m in 2012.

The seismic company returned a profit in every quarter in 2013, reduced its debt burden and financing costs through early repayments and refinancing.

Polarcus' results were boosted by a 13% hike in day rates for its fleet in 2013. Technical downtime fell from 5% to 3%, but utilisation fell from 85% in 2012 to 82% in 2013.

Despite a soft market at the start of 2014, Polarcus predicts a boosted EBITDA in 2014 of $230m-$250m, up from $211.9m in 2013.