Polarcus Limited (OAX: PLCS) today reported its first quarter 2010 unaudited financial statements.
The past quarter has seen Polarcus successfully make the transition from a vessel building company to a competent operating geophysical company. The Company's first two newbuild 3D vessels achieved rapid and efficient vessel shakedowns and subsequently entered into production on separate high end 3D projects both requiring the deployment of complex 10 streamer spreads comprising the latest in-sea seismic systems. The strengthening backlog evidenced since these first operations is an indication that the Company's systems and capabilities are being positively recognized across the industry as top tier and that Polarcus is on course to become a new seismic major.
Highlights in the first quarter 2010:
- After a successful mobilization POLARCUS NADIA entered into production on 25 January 2010 for her first project, offshore Liberia, for TGS.
- Polarcus Naila AS took delivery of POLARCUS NAILA on 24 February 2010. After transit to West Africa and a successful mobilization the vessel entered into production on 12 April 2010 for her first project, offshore Cameroon, for Noble Energy Cameroon Limited.
- Backlog continued to strengthen during the first quarter with, as of 27 April 2010, 100% of the Company's available Q2 capacity and 50% of the Q3 capacity fully booked. On 25 February 2010 TGS exercised their option for the first six month extension of the vessel charter and Gassnova SF issued a Letter of Intent for two 3D seismic acquisition projects offshore Norway comprising a minimum 405 square kilometers and potentially up to a total of 900 square kilometers.
Subsequent important events:
- On 20 April 2010 Polarcus received a Letter of Award from Nexen Petroleum U.K. Limited for a 3D project in the UK sector of the North Sea. The project will be acquired by POLARCUS NAILA commencing in June 2010 and is expected to run for approximately 25 days.
- The newbuild program at Drydocks World - Dubai continues on track with POLARCUS ASIMA, the Company's third and largest 3D vessel to date named at a ceremony in Dubai and POLARCUS SAMUR, the Company's fourth vessel with a distinctive 6 streamer wide tow capability, launched to sea in April. Both vessels are also the first in the Company's fleet with the high ice-class notation, ICE-1A, and an advanced ballast water treatment system that eliminates the risk of introducing invasive species into the marine environment.
Rolf Ronningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
Polarcus 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 is launching a fleet of modern 3D seismic vessels using the innovative ULSTEIN X-BOW® design and incorporating advanced maritime technologies for improved operational efficiency with a reduced environmental footprint. Polarcus offers contract seismic surveys and multi client projects worldwide and has its principal office in Dubai, United Arab Emirates. For more information, visit www.polarcus.com
The information included herein may contain forward-looking statements. Forward-looking statements include all statements that are not historical facts, including but not limited to statements expressing or implying the Company's intent, belief or current expectations with respect to, among other things, forecasts, estimates, and predictions. Such forward-looking statements necessarily involve risks and uncertainties and are dependent on assumptions, information, data or methods that may be incorrect or imprecise. Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealized. Some factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, developments in the oil and gas industry, the demand for seismic services, the demand for data from the Company's multi-client library, currency risks, political risks, regulatory risks, and unexpected operational setbacks. For a further description of other relevant risk factors we refer to our 2009 Annual Report. The reservation is also made that inaccuracies or mistakes may occur in the information given above concerning the current status of the Company or its business. Any reliance on the information given above is at the risk of the reader, and Polarcus disclaims any and all liability in this respect.