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Polarcus’ 2Q Revenues Up 74 Pct (UAE)

Polarcus’ 2Q Revenues Up 74 Pct (UAE)| Offshore Energy Today

Polarcus Limited, a UAE-based owner of hi-tech seismic fleet has announced second quarter 2012 financial results.

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

Polarcus’ 2Q Revenues Up 74 Pct (UAE)| Offshore Energy Today.

Polarcus Receives LoI for 3D Seismic Project Offshore NW Europe

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Polarcus Limited announces that the Company has received a Letter of Intent from an undisclosed client for a 3D seismic acquisition project offshore NW Europe.

The program will commence imminently and is expected to run for approximately 75 days.

About Polarcus

Polarcus is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from Pole to Pole. 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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Polarcus Acquires 3D Seismic Data Offshore Ivory Coast

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Rialto Energy Limited reports that a block‐wide, full‐fold 3D seismic survey covering 891km2 has been completed over Block CI‐202 (Rialto 85% and Operator) with Dubai-based contractor Polarcus DMCC.

Processing and interpretation of the newly acquired data will commence shortly and will provide Rialto with a full suite of 3D data over the entirety of Block CI‐202.

This will allow Rialto to further refine existing interpretation and mapping of the exploration potential within Block CI‐202 through better definition and mapping of the multiple prospects and leads already identified. Further, this work will provide an even greater understanding of the 5 existing discoveries and  culminate in better definition of these existing resources.

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Block CI‐202, offshore Côte d’Ivoire comprises an area of 675km2 and contains four significant underappraised oil and gas discoveries; Gazelle, Hippo‐1, Bubale, and Addax, all located in water depths of 50 to 100 metres. These discoveries  are assessed to have mean contingent resources totalling 50 mmbbls of liquids and 396 Bcf of gas. Rialto is moving to develop and commercialise the Gazelle field later this year. In addition to the development opportunities which exist within  CI‐202, the Company has identified an exciting inventory of exploration prospects and leads which will be the subject of future drilling.

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Polarcus Nadia Set for West Africa Work

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UAE based company specializing in high-end towed streamer data acquisition, Polarcus Limited, has signed a Letter of Intent with an undisclosed client for a 3D seismic acquisition project offshore West Africa.

The project, to be acquired by ULSTEIN SX124 design vessel, Polarcus Nadia, will start this month and is expected to run for approximately 30 days.

Delivered in 2009 Polarcus Nadia is an ultra-modern 12 streamer 3D/4D seismic vessel. Built to the ULSTEIN SX124 design and incorporating the innovative ULSTEIN X-BOW® hull, this vessel combines the latest developments in maritime  systems with the most advanced seismic technology commercially available. The vessel is also amongst the most environmentally sound seismic vessels in the market with diesel-electric propulsion, high specification catalytic convertors, double hull, and advanced bilge water cleaning system. This vessel complies with the stringent DNV CLEAN DESIGN notation.

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UAE: TGS to Charter Seismic Vessel Polarcus Amani

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Polarcus Limited, a Dubai-based marine geophysical company, has signed a Letter of Intent with TGS-NOPEC Geophysical Company ASA (TGS) for the charter of the 12 – 14 streamer 3D seismic vessel POLARCUS AMANI. The charter, of minimum 5 months duration and subject to the execution of a service contract, will commence in April 2012 immediately after vessel delivery and shakedown.

POLARCUS AMANI is the first of two 12 – 14 streamer 3D seismic vessels ordered in November 2010 from Ulstein Verft AS of Norway. The vessels are being built to the ULSTEIN SX134 design and feature a high ice class (“ICE 1A super”), increased propulsion and other innovative efficiency enhancing features. The two newbuilds are scheduled for delivery end Q1 and end Q2 2012 respectively.

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