SUSTAINABILITY

THE WAY WE DO BUSINESS

2019 saw a marked improvement in the marine seismic acquisition sector with activity increasing significantly throughout the year. We also witnessed greater focus on the environmental, social and governance standards of companies operating in the oilfield services sector, by investors, clients and regulatory bodies. This focus is welcomed by Polarcus.

The philosophy for how we operate today was established more than a decade ago, at the Company’s inception in 2008, with the Polarcus vision:

“To be a pioneer in an industry where the frontiers of seismic exploration are responsibly expanded without harm to our world”

This vision is underpinned by the Polarcus Core Values of Responsibility, Innovation and Excellence, well-known to every employee and integrated in all aspects of our operations.

The maritime sector has finally transitioned to International Maritime Organization (IMO) 2020 regulations. While many shipowners have struggled to adopt these standards, I am proud that Polarcus has led the way with our Explore Green™ agenda, operating well within the IMO 2020 requirements for more than a decade. We remain committed to using low sulfur fuel across all our operations and we promote the transparent monitoring, reporting and continued reduction of emissions generated through marine seismic operations. The reporting of carbon dioxide, nitrogen oxide and sulfur oxide emissions has long been a regular feature of our quarterly earnings reporting.

Prioritizing our social goals is critical to the wellbeing and development of all Polarcus stakeholders – employees, contractors and the many communities with which we engage around the globe. A key driver of our operational success has been our ‘Polarcus employee model’ which will enable us to build on our strong offshore safety record going forward.

In 2019, our internal, leading safety indicators were delivered well within challenging targets. Polarcus also delivered its traditional industry safety metrics, ahead of historical marine seismic safety performance. We will continue to collaborate with our clients, employees and contractors to ensure this remains the case!

In terms of governance, Polarcus is listed on the Oslo Stock Exchange and complies with high standards for reporting financial, safety, operational and environmental data – all verified by rigorous internal and external audits. 2019 again saw Polarcus operating across the entire globe, from Australia to Alaska and from Mexico to Mauritania. We remain committed to deliver our services to the same standard and with the same reliance on strong business ethics wherever we work.

Within our best business practices, cyber security has come to the forefront in recent years during which we have introduced programs and training to lead the way in protecting our systems, confidential information and client data.
In order to interpret our performance and to benchmark against other companies and sectors, we have maintained reference to two important global standards. The Global Reporting Initiative provides a comprehensive framework through which to structure our historic and current initiatives to deliver and demonstrate the sustainability of our business. The UN Sustainable Development Goals are used to measure the progress of our initiatives and to outline what we want to achieve in the future.

Please enjoy the Polarcus 2019 Sustainability Report. It provides a clear insight into the way we do business in Polarcus for the benefit of all our stakeholders.

Duncan Eley
CEO