Reference is made to the stock exchange release from Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) published 9 February 2017 regarding a Norwegian subsidiary's agreement with SCF GEO AS ("Sovcomflot") for a 5 1/2 year bareboat charter (the "Charter").
The Company is pleased to announce that the Charter agreement between Polarcus Amani AS and Sovcomflot has been signed and the vessel delivered to Sovcomflot today in Bergen. The vessel was delivered without streamers, providing the Polarcus fleet with one excess streamer package, which will significantly reduce capital expenditure requirements through 2017 and 2018.
Following delivery of the vessel to Sovcomflot, the Polarcus Group has two vessels on long-term bareboat charter and operates a fleet of four vessels in the contract market.
Duncan Eley, Group CEO said: "We are very pleased that Sovcomflot has taken a second Polarcus vessel on bareboat charter, reinforcing our collaboration with a strategic client. We see this as a strong endorsement of our vessels' capabilities and suitability for state of the art seismic data acquisition. Importantly, this agreement delivers significant positive cash flow throughout the charter period. Our two vessels on long-term bareboat charter provide a total fixed backlog in excess of $100 million with no associated operating costs."
Contacts
Duncan Eley, CEO
+971 4 436 0800
duncan.eley@polarcus.com
Hans-Peter Burlid, CFO
+971 50 559 8175
hp.burlid@polarcus.com
About Polarcus
Polarcus (OSE: PLCS) 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 operates a fleet of high performance 3D seismic vessels incorporating leading-edge maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced onboard processing solutions and employs nearly 500 professionals worldwide. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com