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)
Rolf Ronningen, CEO Polarcus, +971 4 436 0800
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800
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