Photo: Courtesy: Polarcus

Polarcus fleet up for sale – all employees face layoffs

Seismic player Polarcus has received notification from the lenders that they no longer support the continuation of the company’s operations.

Following the recent loan default, Polarcus’ lenders took control of its vessels and shipholding unit and also replaced the directors of its subsidiaries controlling the vessels and appointed their own.

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Last week seismic player pointed out that “the lenders have made it clear to the company that their intention is not to jeopardise or destabilise the Polarcus organisation.”

However, the new managers have now instructed Polarcus to sail the vessels to safe locations in order to initiate a sales process.

As a result, Polarcus said it will issue a notice of termination of employment to all Group employees.

The company added it will continue to co-operate with the lenders and the new managers on their instructions to bring current operations safely to an end.

The company is also communicating with its clients in relation to upcoming awards for which the vessels are now no longer available and to seek alternative solutions for them.

Furthermore, the Oslo-listed firm said that the lenders have made clear that they remain open to discuss a standstill period in relation to their remaining claims and collateral with the view of finding a solution which would allow the continued operation of Vyacheslav Tikhonov, owed by Polarcus Selma Limited, a subsidiary of the company. The Lenders do not hold any security in either this vessel or this subsidiary.