Africa Energy is seeking a rig to drill the Gazania-1 well, offshore South Africa in the third quarter of the year.
Lenders have withdrawn support from Polarcus, forcing the company to terminate all of its employees.
Drilling is expected to go ahead as planned at South Africa’s Block 11B/12B, with the first Luiperd well due in June.
Seismic provider Polarcus has noted another project cancellation, this time in West Africa.
Trident Energy has begun a 4D seismic survey offshore Equatorial Guinea on Block G.
Confidence continues to return for offshore work, with offshore seismic companies reporting improved performance from contract work, while multi-client continues to lag.
Polarcus said it has received a Letter of Intent for a project in the Barents Sea.
Polarcus has received a Letter of Intent for a 4D project over a field offshore Norway.
Polarcus has made further headcount reductions including some of its senior management team. The company said it would make further headcount reductions amid the continued low oil price.
Seismic survey specialist Polarcus has received support from lenders for its proposed debt restructuring.
Seismic survey specialist Polarcus has begun a new multi-client project over the Vulcan sub-basin, offshore Australia.
Polarcus has seen its revenues rise by 44% in its third quarter compared to its previous results this year. The company said its cash from operations had hit $55million, up from 74% in the second quarter of the year. The seismic player, which had previously been hit with a loss earlier in the year, said it had managed to deliver “significant” cost reductions as well as improve profitability. Polarcus said it was heading into the final part of the year with a 75% booked capacity for the next six months.
Polarcus has seen revenues drop by a third since the second quarter last year to $91.7million. The seismic player said gross cost of sales was $61.6million, which was a decrease of 27% from the same time in 2014. Polarcus said the seismic market has remained “highly competitive” and the “outlook uncertain” but it had moved quickly earlier in the year to focus on its business fundamentals.