Vyacheslav Tikhonov charter extended for 3 years; Ivan Gubkin option to redeliver

Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) refers to its announcement dated 24 June 2020 regarding the suspension of hire until commencement of a new project and the expected redelivery of “Vyacheslav Tikhonov” (the “V.T.”) following completion of that project.

V.T. is currently engaged on the referenced project. Hire is payable in full until demobilization which is scheduled for about 30 October 2020. Sovcomflot has exercised options to extend the firm period of the charter for 3 years commencing immediately thereafter. Hire will be fixed at half the current day rate throughout the 3 year extension.

“Ivan Gubkin” (the “I.G.”, previously “Polarcus Amani”) has been on charter to Sovcomflot since 2017 (see Press Releases dated 9 February and 21 April 2017). In light of the extension to the V.T. charter, it has been agreed that Sovcomflot may redeliver I.G. after 21 September 2020.



Hans-Peter Burlid, CFO
+971 50 559 8175


About Polarcus

Polarcus (OSE: PLCS) is a focused geophysical service provider of safe and environmentally responsible marine acquisition services globally. Our geophysical offering is driven by innovation and collaboration to provide clients with better seismic data faster. Polarcus operates a fleet of high performance seismic vessels with 3D and 4D imaging capabilities, which incorporate leading-edge technologies for improved environmental performance and operational efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced priority processing solutions including Cirrus, a suite of cloud-based applications and services designed to bring clients closer to acquired seismic data, enabling faster and better informed exploration decisions. The Company services its clients globally from its head office in Dubai and regional offices located in Houston, London, Singapore and delivers Group asset management services from Oslo. For more information, visit www.polarcus.com

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.