Polarcus Reports 3Q Net Income of $21 Million

The UAE-based owner of seismic vessels, Polarcus Limited, today reported net profit of $21.1 million for the third quarter 2012, an increase compared to the $5.9 million earned in the same period 2011.

The third quarter 2012 was the first time Polarcus operated its full fleet complement of eight vessels subsequent to the delivery of Polarcus Adira in June, enabling the Company to recognize a net profit of USD 21 million for the quarter.

The third quarter also marked another milestone achievement for Polarcus with three vessels (representing 37.5% of the Company’s fleet) acquiring 3D seismic data in the high Arctic offshore Greenland. This major logistical effort undertaken to support two significant client programs has progressed efficiently and to plan, validating the investments made by Polarcus since inception. These investments have covered the full range of Arctic-ready technologies and processes, from the ICE-1A class vessel construction to the DNV-qualified Arctic operating procedures.

Rolf Ronningen, CEO Polarcus, commenting on the results said: “I’m exceptionally proud of the fantastic achievement of our crews and support personnel in successfully executing the Company’s first true Arctic programs in the heavily ice infested waters of Baffin Bay, offshore Greenland. Both clients have further expressed their own high satisfaction with the professionalism and outstanding performance of the Polarcus crews in the successful delivery of their projects.”

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November 13, 2012