Fourth quarter and preliminary full year 2011 report – resilient performance, Arctic breakthrough

by polarcus on 29-Feb-12 18:30
Polarcus Limited ("Polarcus" or the "Company") (OAX: PLCS) is pleased to announce the release of its fourth quarter and preliminary full year 2011 financial statements.
During 2011, Polarcus doubled its operational fleet from three to six high-end 3D seismic vessels. It delivered significant improvements in technical performance resulting in reduced technical downtime of 5.8% at year end. The Company delivered a resilient set of results in the fourth quarter in challenging market conditions that continue to prevail in the first quarter 2012. This performance, increased customer recognition and the expected timely delivery of two additional vessels in Q1 and Q2 2012 mean the Company is well positioned for the market recovery.
Rolf Ronningen, CEO Polarcus, commented on the results: "The last quarter of 2011 presented some difficult challenges for the industry as in excess of 20 3D seismic vessels departed north-west Europe at the end of a particularly active summer season. Despite the consequent intense competition for contracts in the fourth quarter we were able to secure solid and continuous backlog for our fleet, with operations in West Africa, the Caribbean, and New Zealand. The soft market and long range transits exiting Europe required exceptional performance from our vessels when in production. Technical downtime averaging 5.8% across the fleet is our best quarterly performance in 2011.” 
Looking ahead, Ronningen continued: “The green shoots of recovery in the Gulf of Mexico and an uptick in activity in certain other key markets gives me confidence that the industry will finally turn the corner later in the second quarter. One particular highlight for us is Greenland where we are pleased to see our investment in differentiating Arctic and environmentally clean technologies being vindicated through the award to Polarcus of two significant and high profile Arctic contracts to commence this summer.”
Highlights in the fourth quarter 2011:  
  • Revenues of USD 104.9 million, up 86% from Q4 10
  • EBITDA of USD 31.1 million, up 47% from Q4 10
  • EBIT of USD 12.8 million, up 62% from Q4 10
  • Net Cash Flow from operating activities of  USD 3.2 million
  • Fleet backlog extended to 25 vessel months including strategic Arctic awards
  • Vessel utilization at 77%, comprising Contract 68% and Multi-Client 9% 
  • Technical downtime further reduced to 5.8% across fleet
  • Raised NOK 230 million in new equity and NOK 230 million in an unsecured senior bond issue
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
About Polarcus
Polarcus (OAX: 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
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 2011 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.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

Related documents:

2011 Q4 Report

Q4 presentation 2011