Shearwater Geo Acquires Six Polarcus Vessels
Six of the seven seismic acquisition ships previously operated by Polarcus have been acquired by Bergen, Norway, headquartered Shearwater GeoServices Holding. Polarcus went into liquidation after its lenders took possession of the vessels. Its other ship, the Vyacheslav Tikhonov, which is on bareboat charter to a unit of Sovcomflot, was …
Polarcus: Lenders Withdraw Support Of Ongoing Vessel Operations – Vessels to Sail for Safe Habour
Polarcus Limited refers to the announcements issued on 26 January 2021 concerning the enforcement of share pledges over the Former Subsidiaries. Capitalized terms in this announcement have the same meaning as given in those announcements. Since the earlier announcements, the Company has been in continuous dialogue with the Lenders and …
Polarcus Announces Further Cost Reductions and Organizational Changes
Polarcus further improves its cost position with the announcement of additional headcount reductions and changes to the executive management team. The expanded cost reductions are part of a longer term plan which will continue to improve competitiveness while maintaining exceptional operational performance and sustaining positive operational cash flow. The plan …
Polarcus: Setting World Records – Largest Made Made Towing Object on Earth!
Polarcus is currently acquiring an ultra-wide 3D marine seismic project offshore Myanmar. Polarcus Amani is towing an in-sea configuration that measures 1.8km wide across the front ends. With each of the ten streamers separated by 200m, the total area covered by the spread is 17.6 sq.km. This is the largest …
Polarcus: Wins Undisclosed Client’s Letter of Intent for 3D Marine Seismic with RightBAND Technology
Polarcus Limited is pleased to announce that the Company has received a Letter of Intent (“LOI”) from an undisclosed client for a 3D marine seismic contract utilizing Polarcus’ RightBAND(TM) technique for broadband data acquisition. The project will commence imminently and will run for approximately two months. Commenting on the Company’s …
Polarcus: Halts all Debt Service Payments Whilst Looking for Debt Restructing
Polarcus Limited announces its decision to formally address its long term financing structure with the aim of restructuring the Company’s balance sheet. In line with the Company’s “2015 Agenda” earlier communicated, the Company has over the last twelve months taken a number of measures to improve its financial situation. The …
Polarcus: Third quarter 2015 Report – Performing in a Weak Market
Polarcus Limited announces the release of its third quarter 2015 financial statements. Highlights in the third quarter 2015: – Revenues of USD 132.2 million, up 44% from Q2 2015 – EBITDA of USD 69.6 million, up 81% from Q2 2015 with increased margin to 53%, up from 42% – Cash …
TGS Completes Acquisition of Polarcus’ Library
Reference is made to the stock exchange release on 29 June 2015 regarding the acquisition of Polarcus’ multi-client library. As of today, the parties have completed the main component of the transaction. The closing of the remaining projects in West Africa is expected within Q3 2015, subject to the relevant …
Polarcus: Q2 2015 Report – Riding Out the Storm
Polarcus Limited announces the release of its second quarter 2015 financial statements. Highlights in the second quarter 2015: Revenues of USD 91.7 million down 33% from Q2 2014 Gross cost of sales of USD 61.6 million down 27% from Q2 2014 EBITDA of USD 38.4 million down 23% from Q2 …
Polarcus: Awarded Additional Boadband 3D Project
Polarcus Limited is pleased to announce that the Company has received a Letter of Intent (“LOI”) from an undisclosed client for a 3D marine seismic project utilizing Polarcus’ RightBAND(TM) technique for broadband data acquisition. The project, subject to the execution of a service contract, will commence in Q4 2015 and …