Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) has entered into an addendum to the sale and lease-back financing arrangements dated 30 June 2008 for Polarcus Naila (the "Vessel").
The parties to the arrangement have agreed to increase the charter hire under the terms of the bareboat charter by USD 8,600 per day effective from 15 July 2014 as a consequence of the owner of the Vessel, GSH2 Seismic Carrier I AS, financing the USD 20 million propulsion and productivity enhancement of the Vessel. The increased rate reflects an interest rate of 7.1% per annum on an annuity repayment basis of 8.5 years.
In case the purchase option is exercised, any outstanding amount under the new arrangement is payable together with the earlier agreed purchase option price.
Rolf Rønningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
Polarcus (OSE: PLCS) is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects worldwide and employs over 500 professionals. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)