Polarcus Reports 45 Pct Revenues Growth (UAE)

Polarcus Limited, a marine geophysical company which specializes in high-end towed streamer data acquisition, announces the release of its first quarter 2013 financial statements.

Highlights in the first quarter 2013:

– Revenues of USD 144.8 million, up 45% from Q1 2012

– EBITDA of USD 52.9 million, up 103% from Q1 2012

– EBIT of USD 31.1 million, up 228% from Q1 2012

– Net Cash Flow from operations of USD 40.5 million

– Q1 2013 vessel utilization at 85%, comprising Contract 72% and Multi-Client 13%

– Strong operational performance with low technical downtime

– Backlog end April of USD 250 million

– Sale of Polarcus Samur to TPAO with a long term collaboration arrangement

– Strengthening the balance sheet

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”.

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Press Release, April 30, 2013