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’ chief executive officer, said, "The current market environment can be best described as uncertain, as oil companies have continued to reduce or defer spending commitments making for a highly competitive landscape. In response, we have stayed true to the 2015 Agenda I announced in February; building backlog, reducing costs, and managing our balance sheet. This focus included the difficult yet necessary decision to cold stack Polarcus Nadia at the end of the quarter.
“Our Agenda is starting to deliver. Backlog visibility has grown to 70 percent for the year, costs are down 13 percent from first quarter 2014, and we have secured important amendments to our Fleet Back Facility and pushed back the date for our next bond maturity to 2018. We also recorded multi-client sales in the quarter of $36.7 million as our Capreolus 3D project offshore Australia passed
the 50 percent completion milestone. All positive developments underpinned by continued safe and efficient operational performance in the field,” Starr continued.
“We will continue to focus on these business fundamentals to successfully navigate through this uncertain market."