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UAE: Polarcus Reports Higher Q2 Revenues

July 26, 2011

Polarcus Limited announces the release of its second quarter 2011 financial statements.

In the second quarter 2011 Polarcus has focused on strengthening the Company’s operations, backlog and balance sheet. Revenues for the second quarter are significantly higher compared to the same quarter last year due to the expansion of the Polarcus fleet by three vessels over the interim period. EBITDA margin of 25.4% in the second quarter 2011 is likewise up from 18.5% versus the same quarter last year.

Rolf Ronningen, CEO Polarcus, commented: “As a consequence of the technical improvement plan announced in the first quarter we have seen a much improved performance and lower technical downtime across the fleet despite some continuing severe weather in the early part of the quarter. The subsequent announcement of our first 3D and 4D contracts for a Supermajor is a very welcome endorsement of our technical competiveness in the marketplace. Last but not least the USD 410 million bank loan facility announced on 21 July will significantly strengthen our balance sheet and improve our financial health at this important juncture in our growth.”

Highlights in the second quarter 2011:

  • Revenue of USD 65.8 million, EBITDA of USD 16.7 million, and EBIT of USD 2.9 million, with five vessels in operation. Positive net cash flow from operating activities of USD 4.74 million.
  • Option exercised for POLARCUS SELMA after raising USD 125 million in a convertible bond with a coupon of 2.875% and a conversion premium of 32.5%. The vessel will be delivered in August 2011.
  • Vessel backlog extended well into Q4, including first 3D and 4D contract with a Supermajor.
  • The newbuild program for POLARCUS AMANI and POLARCUS ADIRA continues on schedule and on budget. The two new 12-14 streamer vessels are being built by Ulstein Verft AS and will be delivered in Q1 and Q2 2012.

Subsequent important events:

  • On 21 July 2011, the company announced the signature of a term sheet for a bank loan facility of USD 410 million with DnB NOR Bank ASA and DVB Bank SE, Nordic Branch, together with Garanti-instituttet for Eksportkreditt (GIEK) and Eksportfinans ASA. The facility is offered at attractive terms and significantly improves the Company’s financial position and flexibility going forward.

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Source: Polarcus, July 26, 2011;