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Offshore seismic services provider Polarcus has announced that it is taking further actions to streamline its business in response to the current market volatility following a slump in demand as a result of the Covid-19 pandemic.
As part of the restructuring, the company streamlined and reshaped its onshore and offshore organisation with a 20% reduction in the workforce.
Furthermore, Polarcus has implemented a range of permanent and temporary compensation, as well as benefit adjustments.
This includes a permanent salary reduction of 10% at senior management levels. This would take effect from 1 October.
Polarcus CEO Duncan Eley said: “The extent of the global economic crisis over the past three months has been profound.
“The further organisation changes we have made respond to the deteriorated market conditions and position the Company for the future. Based on regular conversations with our client base across the globe, I am confident that the industry will see activity levels increase through 2021.
“Polarcus will enter this phase as a leaner and more responsive organisation with an established foundation for future success.”
Polarcus said it will maintain its sales and marketing presence in Houston, London, Dubai and Singapore.
According to Polarcus, these actions are estimated to realise an additional annualised reduction in the company’s operating costs of more than $7m.
In October 2016, Polarcus signed a memorandum of understanding (MoU) to collaborate with TGS-NOPEC Geophysical Company (TGS) to jointly develop selected 3D multi-client projects.