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Rod Starr News

17 Jul 2020

Polarcus Nadia on the Move after Long Layup

Polarcus' seismic vessel Polarcus Nadia is on the move, after more than five years in lay-up in the Netherlands, according to information released Friday by Dutch Marine Contractors.The Polarcus Nadia, delivered in 2010, was cold stacked by Polarcus in early 2015 during the previous oil price downturn, in a move to cut operating costs, with little hope it would be reactivated soon. The former CEO Rod Starr said at the time that it cost around $1.6 million per year to cold-stack the vessel, and, up to $40 million to reactivate it.The Polarcus Nadia has been in layup ever since, with limited info on the vessel since the cold-stacking.Dutch Marine Contractors on Friday said: "After a few years of layup, MV Polarcus Nadia departed this morning from Amsterdam to Norway.

17 Mar 2017

Eley to Take over as Polarcus CEO

Duncan Eley (Photo: Polarcus)

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.

20 Jan 2017

TGS Hires Polarcus for Europe

Polarcus has received a letter of award from TGS-NOPEC Geophysical Company, a marine seismic data acquisition specialist, for acquisition of 30,000 square kilometers of 3D multi-client data in Europe. Approximately 20,000 sq.km. will be acquired in 2017 utilizing two Polarcus vessels and its innovative XArray(TM) multiple source acquisition method to deliver extremely efficient, high quality broadband data. The project will commence early in Q2 2017. The remaining 10,000 sq.km. will be acquired in 2018 utilizing up to two Polarcus vessels with commencement expected in early Q2 2018. "Polarcus is very pleased to expand its collaboration with TGS for this major award", stated Rod Starr, Polarcus CEO.

28 Oct 2016

Polarcus Achieves High Utilization at Low Costs

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.

01 Feb 2016

Polarcus Announces Further Job Cuts

Photo: Polarcus

Marine geophysical company Polarcus announced it will implement further measures to cut costs, including additional headcount reductions and changes to the executive management team. The expanded cost reductions are part of a longer term plan that aims to help Polarcus withstand a prolonged difficult market as well as to take advantage of opportunities in this volatile environment, the company explained. As part of the cost management program implemented at the end of 2014, personnel reductions now total 26 percent.

29 Jun 2015

Polarcus Divests from Select Projects in Europe, Africa

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.

29 Jun 2015

TGS to Acquire Polarcus' Multi-Client Library

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.

10 Jun 2015

TGS Signs Vessel Charter Deal with Polarcus for 2016

TGS-NOPEC Geophysical Company ASA (TGS) signs letter of intent (LoI) for charter of an estimated six months of 3d vessel capacity from Oslo-listed seismic vessel operator Polarcus. TGS intends to charter a vessel from Polarcus in 2016 to acquire a number of individual projects in line with its 2016 investment plan. Under the terms of the LOI, TGS will offer Polarcus the Right of First Refusal (ROFR) for the charter of 3D vessel capacity to acquire discrete projects of up to 10,000 sq. km in total. Commenting on the agreement, Rod Starr, CEO Polarcus, said: "This is a positive LOI for Polarcus and we believe a testament to the strong operational performance of our fleet for TGS on both the recent project in the US and current program in Norway.

30 Apr 2015

Polarcus Revenues Down in ‘Uncertain Market’

Polarcus Asima (Photo: 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…

10 Feb 2015

Polarcus 4th Quarter Revenue Down 24% v. 2013

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.

12 Jan 2015

Polarcus Appoints Starr as Next CEO

Photo: Polarcus

Rod Starr will succeed Rolf Ronningen as Polarcus' next chief executive officer. Following a comprehensive selection process, Polarcus Limited’s board of directors has chosen Rod Starr to succeed Rolf Ronningen as chief executive officer. Ronningen, who informed the board of his planned retirement in 2014, will continue as CEO until Rod takes up his appointment, expected early Q1 2015. Starr joins Polarcus from TGS-NOPEC Geophysical Company. He has over 30 years industry experience…

03 Apr 2014

TGS Signs LOI for Seabird Exploration Seismic Vessel Charters

Seismic survey vessel: Image courtesy of Seabird Exploration

Norway-based TGS informs that it has signed a Letter of Intent with Seabird Exploration to charter up to four 2D seismic vessels to be used over the next 36 months. The Letter of Intent gives TGS priority rights to the vessels subject to the issuance of seismic acquisition permits for the offshore waters of Mexico. In December 2013, Mexico's Congress gave final approval to a historic energy reform bill that ends the 75-year state monopoly of the country's oil and gas industry and invites foreign investment.

13 Nov 2013

Offshore Brazil 3D Seismic Contract a First for TGS

Seismic survey ship Sanco Swift: Photo courtesy of the owners

TGS, in partnership with Dolphin Geophysical, say they will commence acquisition of a new 3D multi-client survey, Olho de Boi, covering 5,000 km2 offshore Brazil. The survey is designed to image pre-salt plays in the hydrocarbon rich Campos Basin and is located northeast of the Pão de Açúcar discovery in an area of similar structural and stratigraphic characteristics. The Olho de Boi survey will be TGS' first 3D survey in Brazil," stated Rod Starr, Senior VP Western Hemisphere for TGS.