Third Quarter 2009
10 Nov 2009
Polarcus Limited (OAX: PLCS) today announced its third quarter 2009 unaudited financial statements.
The past quarter has been marked by Polarcus completing its initial public offering and listing its shares on the Oslo stock exchange. As a result Polarcus is now a fully funded four vessel company. The Company has in addition secured initial contracts for each of its first two vessels. The vessel delivery schedule has been revised, but without any increase to the total capital expenditure of USD 551 million. Polarcus is now ready to deliver operational excellence to its customers and shareholders.
Highlights in the third quarter 2009:
Successfully raised USD 125 million through an Initial Public Offering (IPO) with shares in Polarcus Limited admitted for listing on the Oslo Axess on 30 September 2009.
Secured loan agreement of USD 80 million at rate of Libor + ~4% with DvB Bank and Eksportfinans, guaranteed by the Norwegian Guarantee Institute for Export Credits (GIEK).
Increased the Company’s financial flexibility through 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, with purchase option to buy back at the cost to complete the vessels for ZL.
Signed conditional letter of intent with TGS-NOPEC Geophysical Company ASA (TGS) for the charter of the 12 streamer 3D seismic vessel Polarcus Nadia for approximately 3 months, including a right of first refusal for TGS to extend the charter thereafter in two 6 month increments under pre-agreed commercial terms.
160 employees secured at end Q3 including the hiring of experienced seismic & maritime crew for the first two 3D seismic vessels.
Subsequent important events:
Announced an update to the Letter Agreement with TGS for the charter of Polarcus Nadia confirming ~2,000 square kilometers as the first phase of the program.
Received letter of award from a leading independent oil company for ~45 day 3D seismic acquisition project offshore West Africa.
Polarcus is guiding a revised delivery schedule with no increase to vessel capital expenditure and without any impact on the commitments made in existing contracts.
Rolf Ronningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
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. The Company is investing in a purpose built 3D seismic fleet using the innovative ULSTEIN X-BOW® design and incorporating advanced maritime technologies for improved operational efficiency with a reduced environmental footprint. Polarcus offers contract seismic surveys and multi client projects worldwide and has its principal office in Dubai, United Arab Emirates. For more information, visit www.polarcus.com
The information included herein may contain forward-looking statements. Forward-looking statements include all statements that are not historical facts, including but not limited to statements expressing or implying the Company’s intent, belief or current expectations with respect to, among other things, forecasts, estimates, and predictions. Such forward-looking statements necessarily involve risks and uncertainties and are dependent on assumptions, information, data or methods that may be incorrect or imprecise. Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealized. Some factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, developments in the oil and gas industry, the demand for seismic services, the demand for data from the Company’s multi-client library, currency risks, political risks, regulatory risks, and unexpected operational setbacks. For a further description of other relevant risk factors we refer to our 2008 Annual Report. The reservation is also made that inaccuracies or mistakes may occur in the information given above concerning the current status of the Company or its business. Any reliance on the information given above is at the risk of the reader, and Polarcus disclaims any and all liability in this respect.