Polarcus Q4 Vessel Utilization Drops

Norwegian seismic explorer Polarcus' said its vessel utilisation dropped in the fourth quarter and it expected a challenging market through 2015.

The firm had a combined contract and multi-client fleet utilisation of 70 percent in the fourth quarter, down from 74 percent in the same period a year ago, it said in a statement on Thursday.

Polarcus said it now has a order backlog of $320 million, slightly down from $325 million announced on Nov. 13. (Reporting by Stine Jacobsen