Polarcus vessel utilization for Q2 2020

Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) announces the Company’s second quarter 2020 vessel utilization as follows:

  Q2 2020 Q2 2019 FY 2019
Utilization 50% 72% 79%
By category
Contract Seismic 50% 72% 77%
Multi-Client 0% 0% 2%
Transit 3% 23% 13%
Yard 0% 1% 5%
Standby 47% 4% 3%

Polarcus Nadia is excluded from vessel utilization subsequent to stacking in April 2015.

Vyacheslav Tikhonov is reported on Standby from 31 May 2020 as per announcement dated 24 June 2020.

The Company will release its second quarter 2020 report on 22 July 2020 at approximately 07:00hrs CEST (09:00hrs UAE). A webcast and conference call will be hosted by Polarcus commencing at 09:00hrs CEST (11:00hrs UAE).

Contacts

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

About Polarcus

Polarcus (OSE: PLCS) is a focused geophysical service provider of safe and environmentally responsible marine acquisition services globally. Our geophysical offering is driven by innovation and collaboration to provide clients with better seismic data faster. Polarcus operates a fleet of high performance seismic vessels with 3D and 4D imaging capabilities, which incorporate leading-edge technologies for improved environmental performance and operational efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced priority processing solutions including Cirrus, a suite of cloud-based applications and services designed to bring clients closer to acquired seismic data, enabling faster and better informed exploration decisions. The Company services its clients globally from its head office in Dubai and regional offices located in Houston, London, Singapore and delivers Group asset management services from Oslo. For more information, visit www.polarcus.com

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.