Improved terms in sale-lease back financing

Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) has today entered into an addendum to the sale and lease-back financing arrangements dated 30 June 2008 for Polarcus Nadia and Polarcus Naila. 

 

The parties to the arrangement have agreed to amend the charter hire and call options under the terms of the bareboat charter. The current rate of USD 35,000 per day per vessel will be adjusted to USD 32,650 per day for a period of three months commencing from 01 July 2013 for Polarcus Nadia and from 01 August for Polarcus Naila. Thereafter the rate will further reduce to USD 31,500 per day for a period of four years commencing from 01 October 2013 for Polarcus Nadia and from 01 November 2013 for Polarcus Naila. The call options have been correspondingly relinquished for a period of three years starting from the same dates. 

 

Contacts

 

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

 

About Polarcus

 

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)