Polarcus Limited (OAX: PLCS), the pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition, today reported its fourth quarter and preliminary full year 2009 unaudited results for the period ended 31 December 2009.
Highlights of the fourth quarter 2009:
- Took delivery on 14 December 2009 of Polarcus Nadia, a modern 12 streamer 3D seismic vessel built to the ULSTEIN SX124 design. The vessel was built at the Drydocks World - Dubai shipyard in the United Arab Emirates.
- Successfully launched to sea Polarcus Asima on 09 December 2009 at the Drydocks World - Dubai shipyard. Polarcus Asima will be the third 12 streamer 3D seismic vessel in the Company's fleet and the first built to the Arctic-ready ULSTEIN SX134 design incorporating the high ICE-1A classification from Det Norske Veritas (DNV).
- Firmed up backlog well into Q2 2010 for the Company's first two 3D vessels, Polarcus Nadia and Polarcus Naila, with a letter of award from Noble Energy Cameroon Limited for a 1,500 square kilometers 3D survey offshore Cameroon, and the extension of the initial charter agreement with TGS from 2,000 square kilometers to 5,000 square kilometers.
Subsequent important events:
- Polarcus announced on 25 January 2010 that after a successful mobilization, the seismic vessel Polarcus Nadia entered into production on her first project, offshore Liberia.
- Production from Polarcus Nadia is progressing with daily revenues as forecast. The vessel has proven she can tow a large spread efficiently.
Commenting on the results, Rolf Ronningen, CEO Polarcus, said:
"In the last quarter of 2009 and only 18 months after inception, Polarcus came of age with the successful delivery of Polarcus Nadia, our first modern 12 streamer seismic vessel of ground-breaking design. At the same time backlog for the vessel and her sister ship Polarcus Naila, due for delivery in February 2010, was firmed up well into the second quarter. Finally, and following the efficient mobilization last month of Polarcus Nadia on her first project offshore Liberia, I can proudly say that Polarcus is today a fully operational marine seismic company."
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 2008 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.