Polarcus Limited News

Polarcus Limited, a seismic surveyor in liquidation, is set to be wound down and delisted from the Oslo Stock Exchange.As previously reported, in January this year, lenders took control of the company's vessels after a debt payment default, and decided to sell them and let go all the employees.On February 8, 2021, David Griffin and Andrew Morrison of FTI Cayman, and Lisa Rickelton of FTI London were appointed Joint Provisional Liquidators (JPL) of the struggling seismic services provider by an order of the Court. Liquidators were specifically authorized by the Court to take all necessary steps to develop and propose a restructuring of the company’s financial indebtedness with a view to making a compromise or arrangement with the company’s creditors.Since their appointment…

Africa Energy Corp., an oil and gas company with exploration assets offshore South Africa and Namibia, has announced the start of a new 3D marine seismic acquisition programme over the Paddavissie Fairway on Block 11B/12B offshore South Africa.The Brulpadda discovery is located on Block 11B/12B in the Outeniqua Basin 175 kilometers off the southern coast of South Africa. The block covers an area of 19,000 square kilometers with water depths ranging from 200 to 1,800 meters.Jan Maier, Africa Energy's VP Exploration, said:  "We are pleased to announce the initiation of a 3D seismic program with Polarcus to better define prospects within Block 11B/12B offshore South Africa.

Offshore geophysical firm Polarcus Limited said Thursday it has received an award for a 3D marine seismic acquisition project in West Africa.The award comprises two surveys of approximately three months each, with the first survey expected to commence Q2 2019 and the second survey Q4 2019.

Seismic vessel owner Polarcus Limited said it has been awarded an XArray 3D marine seismic acquisition project.The project duration is for up to 10 vessel months and is expected to commence in Q3 2018, providing backlog for two vessels throughout Q4 2018 and in to Q1 2019.

Seismic vessel owner Polarcus Limited has appointed Lars Oestergaard as chief operating officer effective immediately. He will lead the company’s geophysical, operations and sales teams as well as the EHSQ department.Oestergaard joins Polarcus from Maersk Drillingm, where he held a number of operational and commercial roles, most recently as chief commercial officer.Oestergaard has been awarded 350,000 performance share units and 150,000 restricted share units under the Company's 2018 Long Term Incentive Plan. He currently holds no shares in the company.

Marine geophysical company Polarcus Limited announced it has secured two offshore seismic survey projects.The company said it has entered into a contract for a two-month broadband 3D marine seismic acquisition project in Australia that will commence immediately.Polarcus also received a letter of award for an XArray 3D marine seismic acquisition project in Asia Pacific. The two-month project is slated to begin immediately after the Australian project.“These awards in Asia Pacific provide important visibility, extending a regional campaign for Polarcus well into Q3 2018,” Polarcus said.

Marine geophysical company Polarcus Limited said it has received a letter of award for a 4D marine seismic acquisition project in the Asia Pacific region.  The project is due to commence in the first quarter of 2018 and will run for approximately one month. A Polarcus spokesperson said the company could not share further information around the project. Following this award the Polarcus’ active fleet is 100 percent booked for the first quarter.

Polarcus Limited said it has received a letter of award for a broadband 3D marine seismic project in Asia Pacific. With this contract, Polarcus’ fleet is fully booked through to the end of the third quarter 2017. The project is due to commence in the third quarter of 2017 and will run for approximately one month.

A 5.5 year bareboat charter agreement between Polarcus Limited Norwegian subsidiary Polarcus Amani AS and SCF GEO AS (Sovcomflot) has been signed, and the vessel delivered to Sovcomflot in Bergen. The vessel was delivered without streamers, providing the Polarcus fleet with one excess streamer package, which the company said will significantly reduce its capital expenditure requirements through 2017 and 2018. The Polarcus Group now has two vessels on long-term bareboat charter and operates a fleet of four vessels in the contract market.

Duncan Eley has been appointed chief executive officer of Oslo listed offshore geophysical services company Polarcus Limited, replacing Rod Starr, who has resigned following a two year reorganization period. Eley has been promoted to the CEO role from his current position as chief operating officer, succeeding Starr effective immediately. Starr will continue to work with the executive management team and Polarcus' Board of Directors for a transition period during the second quarter of 2017.

Polarcus Limited has announce that the Company has finalized a contract for 3D marine seismic acquisition in Australia. The program will deliver a high quality broadband data-set utilizing one of the Company's highly efficient Polarcus X-bow vessels operating under the Polarcus Explore Green environmental agenda. The project is due to commence in Q3 2017 and will run for approximately two months. In addition, the Company has secured a 30-day extension to the West African campaign initially announced on 09 January 2017. Commenting on the recent news flow from the Company, Duncan Eley, COO, stated: "The multiple awards announced recently are testament to our strong reputation with clients globally and our ability to secure key projects in the contract market…

Polarcus Limited announced release of its third quarter 2016 financial statements. The third quarter financial results reflect a continued competitive market in which Polarcus was successful in maintaining high fleet utilization. Revenues of USD 64.6 million were recorded, down USD 3.3 million (5%) compared to the second quarter 2016. Contract revenues increased by USD 12.7 million (31%) to USD 54.1 million, driven by a shift of vessel capacity to contract from Multi-Client as well as higher achieved contract day rates. As a result of the lower fleet allocation to Multi-Client, related revenues fell by USD 16.0 million (60%) to USD 10.5 million compared to the second quarter 2016. Of the Multi-Client revenue, late sales were USD 1.1 million and prefunding revenue was USD 9.4 million.

Polarcus Limited announced the award of share options to two Primary Insiders. 500,000 share options were granted to the Company's newly appointed General Counsel, Mr. Caleb Raywood, and 500,000 share options were granted to Mrs. Tamzin Steel in the newly created position of Senior Vice President People & Business Services. The awards are in accordance with the Company's 2016 share option plan of which the main terms were approved in the Annual General Meeting on 12 May 2016. The awarded share options (the "Options") have an exercise price of NOK 0.62 being the volume weighted average price for which the Polarcus shares have been traded at Oslo Stock Exchange in the prior 30-day trading period.

Seismic vessel owner Polarcus Limited announced it has received multiple awards which together extend the fleet backlog by six vessel months. The projects will be carried out by multiple Polarcus vessels and commence in the first and second quarters of 2016. Commenting on this latest awards, Duncan Eley, COO of the Dubai-based Polarcus, said, “Two of the awards are extensions of current projects.

Polarcus Limited announced a two-year extension of the support services agreement with Turkish Petroleum covering seismic data acquisition management, maritime management and crewing support. Reference is made to the stock exchange notice published by Polarcus on 02 January 2013 regarding long term collaboration agreements with Turkish Petroleum. Through this extension, Polarcus will continue to provide Turkish Petroleum the support services required to deliver safe, efficient and high quality marine seismic operations onboard Turkish Petroleum's state of the art seismic vessel, Barbaros Hayreddin Pasa. Turkish Petroleum CEO and President…

Polarcus Limited has received a letter of intent from an undisclosed client to execute a 3D marine seismic project in West Africa utilizing Polarcus' RightBAND technique for broadband data acquisition, the company announced in a press release today.   The project’s duration is two weeks and will form part of Polarcus’ West African campaign during the fourth quarter of 2015.

Polarcus Limited  has announced it has received a letter of intent for a 3D marine seismic project in West Africa. The client was not disclosed by the Dubai-based seismic vessel operator, who will utilise its RightBAND technique for the broadband data acquisition. The project is of two weeks duration and will form part of the Company's West African campaign during Q4 2015. The new contract is the company’s fourth announced this month with new projects won in Brazil, Australia and Myanmar. Polarcus is an innovative marine geophysical company with a pioneering environmental agenda, delivering high-end towed streamer data acquisition and imaging services from Pole to Pole.

Polarcus Limited sign a new contract with an unnamed client in terms of a marine 3D seismic project where Polarcus' Right Band technique used  for broadband data acquisition.   It is stated in a stock exchange release. The project, which is contingent upon the exercise of a service contract, will commence in the third quarter of this year and is expected to last approximately 45 days.    For commercial reasons not stated the location of the project, said Polarcus.   Just last week the company was awarded a contract offshore West Africa, for a 60 day period, which will also commence in the third quarter of this year.

Polarcus Limited announced it has signed a Letter of Intent (LOI) with TGS-NOPEC Geophysical Company ASA (TGS) for the sale of its multi-client projects in Northwest Europe and West Africa (MC Projects) in return for a cash consideration of $27.5 million and future revenue share on library late sales. The agreement includes an upfront cash payment, a tiered revenue share from future sales of the divested MC Projects and further contains cash payments for costs deferred under existing contractual agreements.

Polarcus Limited has signed a Letter of Intent (LOI) with TGS-NOPEC Geophysical Company for the sale of its multi-client projects in Northwest Europe and West Africa in return for a cash consideration of US$27.5 million and future revenue share on library late sales. Polarcus said that the agreement includes an upfront cash payment, a tiered revenue share from future sales of the divested multi-client projects and further contains cash payments for costs deferred under existing contractual agreements. The transaction will result in a non-cash impairment of the multi-client library of approximately $65 million. Polarcus' Capreolus 3D survey offshore Australia does not form part of the transaction and will continue to be owned and marketed by Polarcus.

Polarcus Limited released its first quarter 2015 financial statements, reporting revenues of $81.1 million, down 33 percent from same quarter the previous year. The company’s gross cost of sales were $68.7 million, down 13 percent from same quarter the previous year. Polarcus reported improved liquidity position by $59 million following an amendment agreement with the banks, as well as an extension of maturity of the $125 million convertible bond by two years to 2018. Rod Starr…

Polarcus Limited announced another disappointing quarter today, reporting $93.3 million in fourth quarter revenues, down 24% from the same quarter in 2013. The Dubai-based and Oslo-listed company also announced multi-client sales of $21.1 million, up 100% from 2013's fourth quarter. In addition, Polarcus reported a $280 million backlog, which the company said provides good visibility for 2015. 2014 earnings were negatively affected by a $28.8 million impairment charge, of which $22.6 million resulted from a detailed evaluation of the sales outlook for the company's multi-client library and $6.2 million relates to old thrusters held as spares.

Polarcus Limited announced that Hege Sjo will resign from its board of directors effective February 2, 2015.   Sjo has accepted an appointment as Deputy Director General in the Norwegian Ministry of Trade, Industry and Fisheries, and is therefore unable to continue as a board member at Polarcus, the company said.   Hege Sjo has been a board member of Polarcus since June 2008.