Third Quarter 2008: Polarcus is taking shape

Polarcus Limited (Norwegian OTC List: PLCS) today announced its third quarter 2008 unaudited financial statements.

 

Highlights in the third quarter 2008:

 

  • Additional USD 140 million financing secured.
  • Polarcus’ shares registered on the Norwegian OTC list.Total CAPEX of USD 86 million at the end of the period according to budget.
  • Keel laying of “Polarcus Nadia” on time.
  • Steel cutting of “Polarcus Samur” commenced on time.
  • Pre-qualification process with oil majors commenced.

 

Subsequent important events:

 

Deferred payment arrangement established with Dubai Drydocks World LLC for vessel 4 to 6, “Polarcus Selma”, “Polarcus Asima” and “Polarcus Alima” at a value of USD 99 million.

Keel laying of “Polarcus Naila” on time.

 

Download the third quarter financial statements (PDF 0.7MB)

 

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 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.

www.polarcus.com