Back to overview
Home Fossil Energy UAE: Polarcus 3Q Revenues 159 pct Up Year-on-Year

UAE: Polarcus 3Q Revenues 159 pct Up Year-on-Year

November 2, 2011

UAE: Polarcus Revenues 159 pct Up YoY

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

[mappress]
Source: Polarcus, November 2, 2011