Third quarter 2012 report – Arctic Programs; a resounding success
13 Nov 2012
Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) is pleased to announce the release of its third quarter 2012 financial statements.
Highlights in the third quarter 2012:
- Revenues of USD 174.6 million, up 119% from Q3 11
- EBITDA of USD 64.6 million, up 170% from Q3 11
- EBIT of USD 39.7 million, up 763% from Q3 11
- Net Cash Flow from operating activities of USD 74.3 million, up 109% from Q3 11
- Fleet backlog with an estimated total value of USD 280 million
- Vessel utilization at 92%, comprising Contract 86% and Multi-Client 6%
- USD 10 million guarantee facility for bid and performance bonds secured
The third quarter 2012 was the first time Polarcus operated its full fleet complement of eight vessels subsequent to the delivery of Polarcus Adira in June, enabling the Company to recognize a net profit of USD 21 million for the quarter.
The third quarter also marked another milestone achievement for Polarcus with three vessels (representing 37.5% of the Company’s fleet) acquiring 3D seismic data in the high Arctic offshore Greenland. This major logistical effort undertaken to support two significant client programs has progressed efficiently and to plan, validating the investments made by Polarcus since inception. These investments have covered the full range of Arctic-ready technologies and processes, from the ICE-1A class vessel construction to the DNV-qualified Arctic operating procedures.
Rolf Ronningen, CEO Polarcus, commenting on the results said: “I’m exceptionally proud of the fantastic achievement of our crews and support personnel in successfully executing the Company’s first true Arctic programs in the heavily ice infested waters of Baffin Bay, offshore Greenland. Both clients have further expressed their own high satisfaction with the professionalism and outstanding performance of the Polarcus crews in the successful delivery of their projects.”
Rolf Rønningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
Polarcus (OSE: PLCS) 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 operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects worldwide and employs over 500 professionals. The Company’s principal office is 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 2011 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.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)