Polarcus 1Q Revenues Up 45 Pct (UAE)

Polarcus Limited, a UAE-based seismic acquisition specialist has reported its revenues for  the Q1 of USD 144.8 million, up 45% from Q1 2012. The company’s EBITDA was USD 52.9 million, up 103% from Q1 2012. Net Cash Flow from operations was USD 40.5 million.

In Q1 2013 Polarcus continued to deleverage the Company through the sale of Polarcus Samur at a price of USD 133.5 million followed by a total repayment of USD 76 million in debt during the quarter. The divestment has strengthened the balance sheet and provides the Company increased financial flexibility going forward.

The strong operational performance of the Polarcus vessels continued in the first quarter of 2013 resulting in a continued improved effective day rate compared to Q4 2012. The strong operational performance is also creating value for the Company’s clients as operations continue to deliver projects ahead of time. This, coupled with the consistent positive feedback on the quality of the seismic data recorded by the Polarcus fleet, is enabling the Company to further strengthen its reputation across its client base for delivering operational excellence.

Rolf Rønningen, CEO Polarcus, commented: “The performance of our fleet has continued to impress clients through the quarter and technical downtime levels have remained below industry average, putting us in a healthy position for margin improvements as the market strengthens. The sale of Polarcus Samur to TPAO has enabled us to reduce debt and at the same time, free up cash to invest into our growing multi-client business. We believe a considered investment into our expanding projects library is key to creating shareholder value and delivering higher returns over the long-term”.