Seismic shipping provider Polarcus reported a 74% rise in revenue to $114.3 million for the second quarter this year.

Earnings were also up 157% to $42.9 million, Oslo-listed Polarcus reported today.

Improved market conditions were seen in the seismic shipping market during the second quarter this year, the company reported: “This was reflected in the high utilization of 89% in the quarter. Revenues increased largely due to having two more vessels in operation and profitability rose as a
function of improved utilization,” Polarcus stated.

Looking to the future market, Rolf Ronningen, chief executive of Polarcus added: “The second quarter has seen the start of another very active North West Europe season giving rise to a healthy improvement in market conditions, with further stimulus expected to come from major license rounds in both the UK and Norway.”

And he continued: “We continue to see tangible evidence of a globally developing market underscored by exceptionally high tender activity by the oil companies in the second quarter across all regions, including new exploration frontiers. We expect these tenders on award will contribute to
maintaining a robust market outlook through the fourth quarter 2012 and first quarter 2013, effectively reducing some of the market’s traditional cyclicality.”