Polarcus Limited (OAX: PLCS) announced today that the Company is upgrading POLARCUS SAMUR from the current 6 streamer arrangement to an 8 streamer configuration. The upgrade will enable the Company to take advantage of the evolving seismic market environment and provide the flexibility to tender the vessel on a larger number of contracts. This will have a positive effect on the vessel's revenue generating capabilities that are projected to increase by an additional 25%. The Company's design studies have determined that the upgrade can be undertaken with a vessel CAPEX increase of only 2.5%, or USD 3 million, and with no material change to the present guided delivery date of end Q4 2010.
After the upgrade, to be undertaken at the Drydocks World - Dubai shipyard, prior to delivery of the vessel, POLARCUS SAMUR will be capable of deploying up to 8 streamers each of 6,000m length, or 6 streamers each of 8,000m length, with lateral streamer separations of between 25 and 200 meters. The additional 14 kilometers of streamer required for the new configuration has been ordered under the Company's existing vendor lease facility.
An updated company presentation is available on the Polarcus website under Investor Relations.
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
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 2009 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)