22 May 2008
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. Four of these are innovative high end 3D seismic vessels with a 12 streamer configuration and two are market leading multipurpose seismic vessels with a 2D/source configuration, future proofed for 6 streamer operations.
Polarcus will operate worldwide providing high-end towed marine 3D and 4D contract acquisition services and multi client projects to the oil & gas industry. The Company's vision is "to be a pioneer in an industry where the frontiers of seismic exploration are responsibly expanded without harm to our world". To achieve this vision the Company's strategy is to pursue aggressively a number of identified market opportunities within the existing marine seismic sector with the following key goals:
- To become the supplier of choice of wide and multi azimuth project solutions,
- To become the supplier of choice for operations in the Polar Regions.
The vessels are being built in Dubai, UAE, by Drydocks World – Dubai LLC. The first 12 streamer 3D vessel will be operational in Q3 2009, with all six vessels fully operational within 2010. The Company supports current indications that the strength and longevity of the marine seismic market will be maintained throughout this period and believes that its business strategy, fleet configuration, and advanced maritime and technical specifications of the new build vessels will position Polarcus as a significant player in the high-end 3D market.
Management and Directors
Polarcus has employed a well established and reputed executive management team mainly from within the seismic industry, with recent senior experience from Eastern Echo, PGS Geophysical, and Schlumberger WesternGeco.
The Board of Polarcus at date comprises:
Carl-Gustav Zickerman (Zickerman Holdings Limited)
Carl-Peter Zickerman (Zickerman Group Limited)
Geoffrey Harold Taylor (Drydocks World LLC)
Rosli Azad Khan (Drydocks World LLC)
The Company's principal office is located in Dubai in the United Arab Emirates.
The Vessel Contracts
Polarcus has signed design and equipment agreements with Ulstein Design AS and shipbuilding contracts with Drydocks World – Dubai for the first four vessels. Polarcus has furthermore signed design and equipment agreements with Ulstein Design AS and secured vessel slots with Drydocks World – Dubai for vessels 5 and 6. Final agreements and shipbuilding contracts for these last two vessels are expected to be signed within Q2 2008.
The Company has signed a contract with Sercel Inc. to provide Seal Marine Data Acquisition Systems and Sercel G Gun II dual sources for all six Polarcus vessels. The in-sea streamer sections are Sercel's latest design of their Sentinel Solid Acquisition Section.
The Company has furthermore signed agreements with ODIM for back deck handling systems, LMF for source compressors, Berg propulsion for propellers, Wartsila for engines and other suppliers of critical long lead items in order to secure the scheduled delivery of all six vessels.
In addition to the 6 seismic vessels referenced above, Polarcus currently has options for the construction of 2 further seismic vessels and 2 support vessels.
The total project cost for the initial 6 vessels is expected to amount to USD900 million.
As of date Polarcus has successfully secured financing totaling approx. USD400 million, comprising equity of approx. USD160 million, sale leaseback financing of USD180 million and other financing of USD60 million.
The shares of Polarcus Limited as of date are owned by the following:
-Drydocks World LLC
-Zickerman Holding Limited
-Zickerman Group Limited
-Senior management of Polarcus
-Ulstein Shipping AS
– Bjarte Bruheim
-Other minor shareholders
The sale leaseback financing has been secured from a Norwegian shipping fund.