Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) announces that Duncan Eley has been appointed Chief Executive Officer. Mr. Eley replaces Rod Starr, who has resigned from the Company following the completion of a two year period of restructuring, refinancing and reorganisation.
Peter Rigg, Chairman of the Board for Polarcus, commented: "Rod has made a significant and transforming contribution to the Company. He has created an executive team exceptionally well-qualified to continue the Company's development. Duncan has been responsible for many areas of strength within the Company and is a natural successor. The Board is grateful to Rod for his contribution and for developing our current depth of executive talent. We shall continue to work with him through the transition and wish him every success for the future."
Duncan Eley, currently Chief Operating Officer for Polarcus, is promoted to the position of CEO to succeed Mr. Starr, effective immediately. Mr. Eley has over 18 years of experience in the seismic industry in various senior management roles and has been Polarcus' COO since May 2013.
He worked with Schlumberger for 10 years supporting marine seismic operations in Europe, Africa and the Americas. Prior to joining Polarcus in 2009, Mr. Eley worked for a global strategy consultancy firm across the energy, transport and natural resources sectors. Mr. Eley has a Bachelor of Science and Bachelor of Engineering from Monash University in Australia. In 2006, he completed his MBA at Erasmus University in Holland.
As COO, Mr. Eley has been responsible for Polarcus' continued operational and EHSQ excellence. His leadership in marine operations and geophysical innovation, combined with cost control delivery and sales success, have been instrumental factors in the Company's ability to secure backlog for its fleet. For the near term, the position of COO will be eliminated to better align with current market conditions.
Mr. Starr joined Polarcus in February 2015 and has been able to transform the Company, establishing a foundation for future success. Under his leadership, the Company gained market share, significantly reduced operating and overhead costs and created additional liquidity through reduced debt payments and a recent private placement of equity.
Mr. Starr will continue to work with the executive management team and Polarcus' Board of Directors for a transition period during the second quarter of 2017.
Peter Rigg, Chairman of the Board
Hans-Peter Burlid, CFO
+971 50 559 8175
Polarcus (OSE: PLCS) is an innovative marine geophysical company with a pioneering environmental agenda, delivering high-end towed streamer data acquisition and imaging services from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating leading-edge maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced onboard processing solutions and employs nearly 500 professionals worldwide. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com