CORRECTION: First quarter 2013 report – Strong operational performance; strengthening the balance sheet
30 Apr 2013
Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) announces the release of its first quarter 2013 financial statements.
Highlights in the first quarter 2013:
· Revenues of USD 144.8 million, up 45% from Q1 2012
· EBITDA of USD 52.9 million, up 103% from Q1 2012
· EBIT of USD 31.1 million, up 228% from Q1 2012
· Net Cash Flow from operations of USD 40.5 million
· Q1 2013 vessel utilization at 85%, comprising Contract 72% and Multi-Client 13%
· Strong operational performance with low technical downtime
· Backlog end April of USD 250 million
· Sale of Polarcus Samur to TPAO with a long term collaboration arrangement
· Strengthening the balance sheet
In Q1 2013 Polarcus continued to deleverage the Company through the sale of Polarcus Samur at a price of USD 133.5 million followed by a total repayment of USD 76 million in debt during the quarter. The divestment has strengthened the balance sheet and provides the Company increased financial flexibility going forward.
The strong operational performance of the Polarcus vessels continued in the first quarter of 2013 resulting in a continued improved effective day rate compared to Q4 2012. The strong operational performance is also creating value for the Company’s clients as operations continue to deliver projects ahead of time. This, coupled with the consistent positive feedback on the quality of the seismic data recorded by the Polarcus fleet, is enabling the Company to further strengthen its reputation across its client base for delivering operational excellence.
Rolf Rønningen, CEO Polarcus, commented: “The performance of our fleet has continued to impress clients through the quarter and technical downtime levels have remained below industry average, putting us in a healthy position for margin improvements as the market strengthens. The sale of Polarcus Samur to TPAO has enabled us to reduce debt and at the same time, free up cash to invest into our growing multi-client business. We believe a considered investment into our expanding projects library is key to creating shareholder value and delivering higher returns over the long-term”.
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
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 2012 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)