Polarcus reports half-year results

by polarcus on 30-Jul-08 00:00

Dubai, 30 July 2008: Polarcus Limited, a pure play marine geophysical company, announces its interim results for the first six months of 2008.

 

Financial Highlights in the first six months 2008:

  • Polarcus has during the first six months secured more than USD 161 million in new equity.
  • During first six months Polarcus has booked close to USD 65 million in CAPEX. The total CAPEX for six planned vessels is budgeted to approximately USD 900 million.
  • In the first half of 2008 the company has secured USD 180 million sale-lease back and USD 60 million in vendor financing.
  • An additional USD 50 million in new equity and USD 90 million in debt financing has been secured after the end of the reporting period

 

Operational Highlights in the first six months 2008:

  • In April and May Polarcus signed shipbuilding contracts with Drydocks World – Dubai for six Ulstein Design X-BOW seismic survey vessels
  • On 15 May and 8 June respectively, the company commenced steel cutting and production of the vessels one and two, type Ulstein Design SX124
  • Polarcus launched its external website on the 22 May providing updated information about the company and the progress of its projects
  • The company has continuously focused on hiring trained and experienced personnel, and at the end of the reporting period 43 new employees were employed

"We have made an excellent start to building the company, with critical yard slots, long lead items, and key equipment contracts all secured. Recruitment of personnel has progressed well, with the majority of key management positions either filled or pending commencement of employment, and we are confident of our ability to continue recruiting experienced industry professionals" commented Rolf Ronningen, CEO Polarcus Limited.

 

Polarcus has since inception successfully raised more than USD 540 million in new equity and debt financing as well sale leaseback and vendor financing. The Company’s shares have been listed and are trading on the Norwegian OTC under the ticker PLCS.

 

"We are very pleased with the reception of Polarcus among investors worldwide, despite the uncertain situation in global financing markets. We are on track with our plans, and are on time and budget for delivery of the first vessel and subsequent 3D operations in the third quarter next year" says Ronningen.

 

The first half-year report and presentation can be downloaded by clicking on the links below.

 

First half-year report Download (PDF 0.4MB)

Company overview presentation Download (PDF 1.4MB)

 

Contacts

 

Rolf Ronningen, Chief Executive Officer +971 4 4360810 

 

About Polarcus

 

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