Third quarter 2011 report – strong growth and business expansion

by polarcus on 02-Nov-11 18:15
Polarcus Limited (OAX: PLCS) is pleased to announce the release of its third quarter 2011 financial statements.
 
In the third quarter 2011 Polarcus continued to focus on growing the company’s seismic operations. The company successfully initiated its first two 3D multi-client projects, delivered a strong operational performance and paved the way for the expansion of the fleet’s operational footprint globally. 
 
Revenues for the third quarter reflected strong growth over the same quarter last year, due in part to the enlargement of the fleet in the interim period and to an active operational season. To support this growth Polarcus has continued to strengthen its financial position and reduce interest rates.
 
Rolf Ronningen, CEO Polarcus, commented on the results: "The technical improvement plan introduced earlier in the year continues to bear fruit, enabling us to deliver a robust performance during a busy operational season. Utilization was affected by two long range transits in the quarter.” 
 
Looking ahead, Ronningen continued: “The launch of our inaugural multi-client projects has been well received, with our successful entry into this new business line generating high levels of prefunding. Further, the improved day rates secured in Asia-Pacific reflect the strengthening outlook in certain regional markets.”
Highlights in the third quarter 2011:  
  • Revenues of USD 79.8 million, up 159% from Q3 10
  • EBITDA of USD 23.9 million, up 181% from Q3 10
  • EBIT of USD 4.6 million, up 100% from Q3 10
  • Net cash flow from operating activities of USD 35.6 million
  • Strong launch of multi-client projects, with high prefunding 
  • Fleet backlog extended into Q1 2012 with operational footprint expanding into APAC and NSA 
  • 5 year bareboat charter with OAO Sovcomflot secured for newly delivered Vyacheslav Tikhonov
  • USD 410 million bank facility secured at attractive terms
Subsequent important events:
  • NOK 230 million new equity raised at a premium and NOK 230 million unsecured senior bond issue
Contacts
 
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
About Polarcus
 
Polarcus (OAX: 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
Disclaimer
 
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 2010 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)

Related documents:

Polarcus Q3 2011 Report

Polarcus Q3 presentation 2011