First Quarter 2009
30 Apr 2009
Polarcus Limited (Norwegian OTC List: PLCS) today announced its first quarter 2009 unaudited financial statements.
Highlights in the first quarter 2009:
USD 53 million realized savings compared to CAPEX and SG&A budget.
Total CAPEX of USD 270 million at the end of the period.
Agreement signed with ION subsidiary GX Technology Corporation for seismic data quality control and data processing services.
67 employees had started employment by end of Q1, including 15 field staff, in line with plan.
Download the first quarter financial statements (PDF 0.5MB)
Rolf Ronningen, CEO Polarcus, +971 4 436 0800
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800
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