Polarcus successfully raises new project financing
2 Jul 2008
Polarcus has successfully secured new financing totaling USD140 million, comprising equity of USD50 million, a 5 year convertible bond loan of USD35 million, and a 5 year senior secured bond loan of USD55 million.
This brings the total financing secured to date by Polarcus to approx. USD542 million, or 60% of the estimated USD900 million project costs for the initial 6 vessels.
Commenting on the latest financing, Polarcus CEO Rolf Ronningen said, "We are very pleased with the results of this round of financing, especially considering the current climate in the global financial markets. This new financing will help secure the ongoing funding of Project Polarcus well into next year, ensuring that we remain on course to commence our first seismic operations on schedule in Q3 2009."
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. The vessels are being built in Dubai, UAE, by Drydocks World – Dubai LLC, with the first vessels becoming operational in 2009.