Second Quarter 2009

3 Aug 2009

Polarcus Limited (Norwegian OTC List: PLCS) today announced its second quarter 2009 unaudited financial statements.

 

Highlights in the second quarter 2009:

 

  • Polarcus Nadia successfully launched on 25 June. Fit out of the vessel continues until delivery to Polarcus in October.
  • Polarcus management system attained important milestone by securing an Interim Document of Compliance from Det Norske Veritas AS.

 

Subsequent important events:

 

  • Financial flexibility increased by the sale of Polarcus 4 and Polarcus 6 to Zickerman Holding Limited and Zickerman Group Limited (together "ZL"), the founders of Polarcus Limited, for the sum of USD 1 each.
  • Secured purchase option on Polarcus 4 and Polarcus 6 to buy back at the cost to complete the vessels for ZL.
  • Impairment loss of USD 5.1 million due to the sale transaction of the vessels.

 

Download the second quarter financial statements (PDF 0.5MB) 

 

Contacts

 

Rolf Ronningen, CEO Polarcus, +971 4 436 0800

Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800

 

About Polarcus

 

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 4 advanced seismic vessels designed by Norway's Ulstein Design AS incorporating the innovative ULSTEIN X-BOW® hull, with the first vessels becoming operational in 2009. www.polarcus.com