Sovcomflot Takes Delivery of Polarcus Amani

Oslo-listed Polarcus said it has delivered the vessel ‘Polarcus Amani’ to SCF GEO (Sovcomflot) following the charter agreement announced in February this year.

The fixed period of the charter will be 5 1/2 years with options to extend for up to four additional months.

The vessel was delivered without streamers, providing the Polarcus fleet with one excess streamer package, which will significantly reduce capital expenditure requirements through 2017 and 2018.

Following delivery of the vessel to Sovcomflot, Polarcus has two vessels on long-term bareboat charter and operates a fleet of four vessels in the contract market.

Duncan Eley, Group CEO, said: “We are very pleased that Sovcomflot has taken a second Polarcus vessel on bareboat charter, reinforcing our collaboration with a strategic client. We see this as a strong endorsement of our vessels’ capabilities and suitability for state of the art seismic data acquisition. Importantly, this agreement delivers significant positive cash flow throughout the charter period. Our two vessels on long-term bareboat charter provide a total fixed backlog in excess of $100 million with no associated operating costs.”

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