Polarcus Limited (OAX: PLCS) through its wholly owned subsidiaries has active shipbuilding contracts in place for four vessels with Drydocks World Dubai LLC (Drydocks World), a subsidiary of the holding company Dubai World.
Due to enquiries Polarcus has received related to its counterpart Drydocks World's position in relation to the announced restructuring of the holding company Dubai World, Polarcus recommends to refer to an announcement from Dubai World dated 08 December 2009.
The announcement states that Drydocks World and its subsidiaries will not be included in the proposed restructuring process for Dubai World. Furthermore it states that Drydocks World continues to have sufficient financial capacity to service its debt and remains well positioned to take advantage of the expected improvements in the ship building and offshore industries in the coming years.
The announcement can be found on the Dubai World and Drydocks World websites.
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