Polarcus Announces Strong Growth in Third Quarter 2011 (U.A.E)

Polarcus Limited announces the release of its third quarter 2011 financial statements.

In the third quarter 2011 Polarcus continued to focus on growing the company’s seismic operations. The company successfully initiated its first two 3D multi-client projects, delivered a strong operational performance and paved the way for the expansion of the fleet’s operational footprint globally.

Revenues for the third quarter reflected strong growth over the same quarter last year, due in part to the enlargement of the fleet in the interim period and to an active operational season. To support this growth Polarcus has continued to strengthen its financial position and reduce interest rates.

Rolf Ronningen, CEO Polarcus, commented on the results: “The technical improvement plan introduced earlier in the year continues to bear fruit, enabling us to deliver a robust performance during a busy operational season. Utilization was affected by two long range transits in the quarter.

Looking ahead, Ronningen continued: “The launch of our inaugural multi-client projects has been well received, with our successful entry into this new business line generating high levels of prefunding. Further, the improved day rates secured in Asia-Pacific reflect the strengthening outlook in certain regional markets.”

Highlights in the third quarter 2011:

*Revenues of USD 79.8 million, up 159% from Q3 10

*EBITDA of USD 23.9 million, up 181% from Q3 10

*EBIT of USD 4.6 million, up 100% from Q3 10

*Net cash flow from operating activities of USD 35.6 million

*Strong launch of multi-client projects, with high prefunding

*Fleet backlog extended into Q1 2012 with operational footprint expanding into APAC and NSA

*5 year bareboat charter with OAO Sovcomflot secured for newly delivered Vyacheslav Tikhonov

*USD 410 million bank facility secured at attractive terms

Subsequent important events:

*NOK 230 million new equity raised at a premium and NOK 230 million unsecured senior bond issue

About Polarcus

Polarcus  is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects worldwide and employs over 500 professionals.

Source: Polarcus  , November 02, 2011

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