Polarcus: Project Termination
1 Mar 2021
Polarcus Limited (in provisional liquidation) (“Polarcus” or the “Company”) (OSE: PLCS) refers to the announcement issued on 10 July 2020 announcing an award of a project in Asia Pacific.
Due to the events and actions described in the Company’s announcements dated 2 February 2021 (Polarcus: Lenders Withdraw Support of Ongoing Vessel Operations) and 26 January 2021 (Polarcus Addressing Long Term Financing Structure Following Financial Default), the assigned vessel to this project has not been made available to the Polarcus Group and an alternative vessel could not be sourced. The client has therefore terminated the contract for this project and indicated that it intends to pursue the relevant Polarcus subsidiary for damages.
Hans-Peter Burlid, CFO
+971 50 559 8175
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.