Polarcus

Polarcus Limited is pleased to announce that the Company intends to issue USD 125 million in principal amount of Senior Secured Convertible Bonds (the “Bonds”) with a five-year tenure. The purpose of the Bonds is to finance the acquisition and completion of POLARCUS SELMA, an ultra-modern and Arctic-ready 8 streamer …

Polarcus Limited (OAX: PLCS) is pleased to announce that the Company has received a Letter of Intent for a 550 square kilometer 3D seismic acquisition project West of Shetlands, offshore United Kingdom. The project, subject to the execution of a service contract, will commence in August 2011 and is expected …

Polarcus Limited is pleased to announce that the Company will commence acquisition in Q2 2011 of its first 3D multi-client project, in Quad 28 of the UK Continental Shelf. The survey, with the potential to cover an area of up to 2,000 square kilometers, is supported through industry pre-funding. The …

Polarcus Limited (OAX: PLCS) is pleased to announce that it has held a double naming ceremony on 16 February 2011 for the Company’s newest vessels, POLARCUS SAMUR and POLARCUS ALIMA, to join the industry’s most modern 3D seismic fleet. The ceremony was held at the Drydocks World – Dubai shipyard …

Polarcus Limited (OAX: PLCS) is pleased to announce that the Company is today holding a Capital Markets Day in Dubai, United Arab Emirates. Following the event, the participants will be attending a double-naming ceremony of the Company’s newest 3D vessels; POLARCUS SAMUR and POLARCUS ALIMA. Commenting on the event, Rolf …

Signed shipbuilding contracts for two 14-streamer 3D seismic vessels Total estimated project CAPEX of USD 168 million per vessel Optimized vessel size for cost effective operations Timely delivery of both vessels in first half 2012 Highly favorable financial terms with 80% of project CAPEX payable at, or close to delivery …

Reference is made to the notice published by Polarcus Limited on 26 July 2010 regarding the receipt of a Letter of Intent from Gassnova SF for a second Carbon Capture and Storage (CCS) 3D comprising 323 square kilometers offshore Norway (the “Troll Kystnær 3D”), and the subsequent delay of this …

Polarcus Limited (OAX: PLCS) announced today that the Company has received a Letter of Intent for a series of consecutive 3D seismic acquisition projects offshore South America. The minimum program duration is estimated at three and a half months, with the potential to expand to five months. Further, pursuant to …

Polarcus Limited (OAX: PLCS) announced today that the Company is upgrading POLARCUS SAMUR from the current 6 streamer arrangement to an 8 streamer configuration. The upgrade will enable the Company to take advantage of the evolving seismic market environment and provide the flexibility to tender the vessel on a larger …