Polarcus Limited (OSE: PLCS) is pleased to announce that Polarcus Adira AS, a member of the Polarcus Group, took delivery today, 21 June 2012, of POLARCUS ADIRA, the eighth 3D seismic vessel to date to join the Polarcus fleet. The vessel was built at Ulstein Verft in Norway and following a short shakedown will commence operations on the previously announced charter for TGS-NOPEC Geophysical Company ASA (TGS).
With the delivery of POLARCUS ADIRA, the fifth and last tranche of the USD 410 million fleet bank facility granted to the Polarcus Group has been fully drawn. Tranche four, related to the vessel POLARCUS SAMUR, was drawn on 19 June 2012 in connection with the redemption of the 13 per cent Polarcus Limited Senior Secured Callable Bond Issue 2008/2013, ISIN NO 001 0445935.
POLARCUS ADIRA is the second of two 12 - 14 streamer Arctic-ready 3D seismic vessels being built at Ulstein Verft AS and the fourth vessel in the Polarcus fleet of the ULSTEIN SX134 design, with an overall length of 92m and a beam of 21m. The vessel design includes a high ice class ("ICE 1A super"), increased propulsion and other innovative efficiency enhancing features. POLARCUS ADIRA is also one of the most environmentally responsible seismic vessels in the industry, with diesel-electric propulsion, high specification catalytic convertors, a double hull, and advanced ballast water treatment / bilge water cleaning systems. The vessel carries the stringent DNV CLEAN-DESIGN class notation. POLARCUS ADIRA has a maximum speed of 16 knots and is capable of deploying up to 14 Sercel Sentinel® solid streamers.
Rolf Rønningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
Polarcus (OSE: PLCS) 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 operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects worldwide and employs over 500 professionals. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)