Fourth quarter and preliminary full year 2012 report – Improved day rates; Multi-Client breakthrough
12 Feb 2013
Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) announces the release of its fourth quarter and preliminary full year 2012 financial statements.
Highlights in the fourth quarter 2012:
- Revenues of USD 140.4 million, up 34% from Q4 11
- EBITDA of USD 56.6 million, up 82% from Q4 11
- EBIT of USD 27.6 million, up 116% from Q4 11
- Net Cash Flow from operating activities of USD 36.0 million, up 1019% from Q4 11
- Fleet backlog with an estimated total value of USD 265 million
- Vessel utilization at 79%, comprising Contract 63% and Multi-Client 16%
In Q4 2012 Polarcus started to deliver on its investment strategy into the Multi-Client business as the Catcher project generated in excess of USD 15 million in Late Sales following the UK 27th licensing round awards. With improved financial flexibility, the Company is now increasingly well positioned to profit from both contract and Multi-Client opportunities going forward.
Full year 2012 highlights:
- Revenues of USD 529.3 million, up 77% from USD 299.0 million in 2011
- EBITDA of USD 190.3 million, up 150% from USD 76.3 million in 2011
- EBIT of USD 98.8 million, up 537% from USD 15.5 million in 2011
- Net Cash Flow from operating activities of USD 202.0 million, up 325% from 2011
- Vessel utilization at 85%, comprising Contract 76% and Multi-Client 9%
2012 marked a coming-of-age for Polarcus when the Company took delivery of two high specification ice-class seismic vessels, Polarcus Amani and Polarcus Adira. Their addition to the fleet has enabled the company to realize its ambition of operating a global footprint from Pole to Pole.
2012 was also the year that Polarcus delivered on its Arctic strategy, successfully completing an extensive true Arctic program in the highly ice-infested waters of Greenland’s Baffin Bay. This logistically challenging and highly complex operations involved three Polarcus ice-class 3D seismic vessels, 9 support vessels, and over 200 crew members working together as unified teams for two major clients. One of those clients further embraced the Company’s First Pass(TM) technique for highly efficient 3D data acquisition, a clear confirmation that this offering is gaining acceptance in the marketplace.
Rolf Ronningen, CEO Polarcus, commenting on the results said: “The timely addition of two additional vessels in the first half of 2012 allowed us to take full advantage of the strengthening market and through intelligent bidding to realize a significant increase in day rates. Furthermore the performance of our operations team in the highly complex Arctic program clearly demonstrates the depth of experience we have established in a short time at Polarcus. I’m also very pleased with the progress of our young multi-client business that hit a home run in the fourth quarter with strong late sales from the UK Catcher multi-client project; a result that bodes well for the future growth of this important business line.”
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 2011 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.
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