Polarcus announces purchase of streamer package

Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) is pleased to announce the purchase of a complete marine seismic in-sea acquisition system from Dolphin Geophysical AS (the “Streamer Package”), for a price of USD 11.5 million. The Streamer Package comprises 12 x 8100m active streamers and all peripheral in-sea equipment.  

The purchase provides Polarcus with its planned seismic CAPEX requirements for the next three years, and is within the Company’s previously guided CAPEX budget for 2016. The purchase is partly financed through a loan of USD 8 million which also improves the Company’s cash flow in 2016. 

 

Contacts

Duncan Eley, COO
+971 (4) 4360 915
duncan.eley@polarcus.com

Hans-Peter Burlid, CFO
+971 50 559 8175
hp.burlid@polarcus.com

 

About Polarcus

Polarcus (OSE: PLCS) is an innovative marine geophysical company with a pioneering environmental agenda, delivering high-end towed streamer data acquisition and imaging services from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating leading-edge maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced onboard processing solutions and employs nearly 500 professionals worldwide. 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)