Polarcus Limited (Norwegian OTC List: PLCS) today announced its fourth quarter and preliminary year end 2008 unaudited financial statements.
Highlights in the fourth quarter 2008:
- Total of USD 166 million capitalized at the end of the period according to budget.
- Year end closed with an SG&A cost below budget.
- Deferred payment arrangement established with Drydocks World Dubai LLC for vessels 4 to 6 at a value of USD 99 million, securing sufficient funding into August 2009.
- Construction commenced on vessels 5 and 6.
Rolf Ronningen, Chief Executive Officer Polarcus, commented:
"We have had yet another quarter of good progress both at the yard and in building up the company. I'm very pleased that construction on vessels 5 and 6 has commenced ahead of schedule and that vessels 1 and 2 are continuing on track. However, due to delays in production of drawings we are projecting a possible delay of 2 months beyond the guided dates for vessels 3 and 4. We are continuously monitoring this situation and working hard together with Ulstein Design AS and Drydocks World Dubai LLC to avoid any further delays and to explore avenues to potentially recoup some of the time lost."
Download the fourth quarter financial statements (PDF 0.5MB)
Rolf Ronningen, CEO Polarcus, +971 4 436 0800
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800
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 an ultra-modern fleet of initially 6 advanced seismic vessels designed by Norway's Ulstein Design AS incorporating the innovative ULSTEIN X-BOW® hull. The vessels are being built in Dubai, UAE, by Drydocks World - Dubai LLC, with the first vessels becoming operational in 2009. www.polarcus.com