Polarcus chairman Peter Rigg said the company expects the seismic sector to face continued challenges in 2017 as oil industry fundamentals have yet to reach levels that could fuel increased offshore spending.
Rigg said in an annual report to shareholders that the Oslo-listed seismic vessel owner has taken steps that will allow it to weather the difficulties ahead.
"Our market shows few signs of improving in the near future but the extraordinary efforts which our management and employees made during the year have created a stronger and more resilient company," he said.
