UAE: Polarcus 1Q Revenues Double

Polarcus Limited, a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from Pole to Pole has announced the release of its first quarter 2012 financial statements.

The first quarter 2012 was characterized by a continuation of the soft market conditions evidenced in the fourth quarter 2011. This was reflected in the low utilization of 76%. Revenues doubled over the same quarter in the prior year driven mainly by the doubling of the Polarcus fleet from three to six vessels over the same period. The Company took delivery of its seventh vessel, Polarcus Amani, in Norway on 29 March on budget and on time for the start of the NW Europe operating season.

Rolf Ronningen, CEO Polarcus, commented on the results: “The soft market presented several challenges for the Company in the quarter. We believe we have successfully navigated our way through the worst whilst at the same time further improving our operational performance that will stand us in good stead as the market recovers.”

Looking ahead, Ronningen continued: “We see clear signals of a strengthening market both from the increase in tendering activity and from certain recent awards. We believe that our strategic choices for fleet growth and vessel design are also positively reflected in these awards, a good example being the two Arctic contract awards offshore Greenland for three of our high ice class vessels.”

Highlights in the first quarter 2012 are: Revenues of USD 99.9 million, up 108% from Q1 11; EBITDA of USD 26.3 million, up 471% from Q1 11; EBIT of USD 9.6 million vs. USD (4.7) million in Q1 11; Net Cash Flow from operating activities of USD 43.6 million; Polarcus Amani delivered on time and on budget; Fleet backlog extended by 26 vessel months including strategic Arctic awards; Vessel utilization at 76%, comprising Contract 72% and Multi-Client 4%; Raised USD 40.5 million in new equity.

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. The Company’s principal office is in Dubai, United Arab Emirates.

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Source: Polarcus Limited, April 27, 2012