UAE: Polarcus Delivers Record Utilization of 89 Pct in Second Quarter

Polarcus Limited announces the release of its second quarter 2012 financial statements.

The second quarter 2012 was characterized by improved market conditions. This was reflected in the high utilization of 89% in the quarter. Revenues increased largely due to having two more vessels in operation and profitability rose as a function of improved utilization.

Rolf Ronningen, CEO Polarcus, commented on the results: “The second quarter has seen the start of another very active North West Europe season giving rise to a healthy improvement in market conditions, with further stimulus expected to come from major license rounds in both the UK and Norway. Coupled with our continuing focus on operational performance and the efficient and timely delivery of Polarcus Amani and Polarcus Adira, Polarcus has delivered a record utilization in the quarter of 89%, up from 72% in the same quarter last year.”

Looking ahead, Ronningen continued: “We continue to see tangible evidence of a globally developing market underscored by exceptionally high tender activity by the oil companies in the second quarter across all regions, including new exploration frontiers. We expect these tenders on award will contribute to maintaining a robust market outlook through the fourth quarter 2012 and first quarter 2013, effectively reducing some of the market’s traditional cyclicality.”

Highlights in the second quarter 2012:

– Revenues of USD 114.3 million, up 74% from Q2 11

– EBITDA of USD 42.9 million, up 157% from Q2 11

– EBIT of USD 21.9 million, up 657% from Q2 11

– Net Cash Flow from operating activities of USD 48.1 million

– Polarcus Adira delivered on time and on budget

– Fleet backlog extended to an estimated total value of USD 325 million

– Vessel utilization at 89%, comprising Contract 81% and Multi-Client 8%

– Repaid USD 55 million 13% bond and partly replaced by a USD 410 million fleet bank facility

– Successful transfer of shares to the Oslo Stock exchange main list

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Press Release, July 31, 2012