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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.

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Dubai police chief warns of Muslim Brotherhood threat

DUBAI | Thu Jul 26, 2012 5:28am EDT

(Reuters)Dubai’s chief of police has warned of an “international plot” to overthrow the governments of Gulf Arab countries, saying the region needs to be prepared to counter any threat from Islamist dissidents as well as Syria and Iran.

The comments by Dahi Khalfan, one of the most outspoken security officials in the United Arab Emirates, follow the detention in the UAE since April of at least 20 dissidents, according to relatives of the detainees and activists.

“There’s an international plot against Gulf states in particular and Arab countries in general…This is preplanned to take over our fortunes,” Khalfan told reporters at a gathering late on Wednesday marking the Muslim holy month of Ramadan.

“The bigger our sovereign wealth funds and the more money we put in the banks of Western countries, the bigger the plot to take over our countries…The brothers and their governments in Damascus and North Africa have to know that the Gulf is a red line, not only for Iran but also for the Brothers as well.”

Most of the detainees since April are Islamists, targeted by an official clampdown amid concern they may be emboldened by the rise of the Muslim Brotherhood in other Arab countries such as Egypt.

UAE Interior Ministry officials have not been available to comment on the arrests. Last week, UAE officials announced that authorities were investigating a foreign-linked group planning “crimes against the security of the state”.

“I had no idea that there is this large number of Muslim Brotherhood in the Gulf states. We have to be alert and on guard because the wider these groups become, the higher probability there is for trouble,” Khalfan said on Wednesday.

“We are aware that there are groups plotting to overthrow Gulf governments in the long term.”

The rise of the Muslim Brotherhood in the Arab world poses a serious threat to Gulf states, Dubai’s police chief said, as he warned of an “international plot” to overthrow Gulf rulers.

Dahi Khalfan, one of the most outspoken security officials in the United Arab Emirates, also accused Shi’ite power Iran and its ally Syria of interfering in the Gulf states, most of which are ruled by Sunni Muslim monarchies.

At least 20 dissidents, most of them Islamists, have been detained in the UAE since April, according to relatives and activists, amid concern they may be emboldened by the rise of the Muslim Brotherhood in other Arab countries such as Egypt following popular protests.

Gulf Arab states are also wary of Iran which some governments suspect of stirring up unrest in their countries and harboring expansionist ambitions.

“There’s an international plot against Gulf states in particular and Arab countries in general … This is pre-planned to take over our fortunes,” Khalfan told reporters at a gathering late on Wednesday marking the Muslim holy month of Ramadan.

“The bigger our sovereign wealth funds and the more money we put in the banks of Western countries, the bigger the plot to take over our countries.”

Last week, UAE officials announced that authorities were investigating a foreign-linked group planning “crimes against the security of the state”.

“I had no idea that there is this large number of Muslim Brotherhood in the Gulf states. We have to be alert and on guard because the wider these groups become, the higher probability there is for trouble,” Khalfan said.

“We are aware that there are groups plotting to overthrow Gulf governments in the long term.”

“The brothers and their governments in Damascus and North Africa have to know that the Gulf is a red line, not only for Iran but also for the Brothers as well.”

He did not mention other countries, but some Gulf Arab leaders have implicitly accused the United States, a key ally, of supporting Islamists including the Brotherhood as they came to power over the past year in Egypt and Tunisia.

The Gulf states have also been alarmed by pro-democracy protest movements closer to home in Bahrain and Yemen.

Khalfan’s comments have caused controversy in the past. Last month Egypt’s Foreign Ministry summoned the UAE ambassador to clarify statements by Khalfan on Twitter that were an “attack on Egypt”, according to Egyptian state-run media, which did not cite the remarks that caused offence.

The police chief said on Wednesday that his tweets on local and regional politics were personal and did not necessarily reflect the views of the government of Dubai.

(Reporting by Mirna Sleiman; Writing by Andrew Torchia; Editing by Pravin Char)

‘Muslim Brotherhood plotting against GCC states’

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DOHA: In a war of words with the Muslim Brotherhood, Dubai’s police chief reiterated his accusation that the Egyptian group is plotting a regime change in GCC states.

Lieutenant General Dahi Khalfan, Dubai’s police chief was quoted yesterday in an interview published in the Kuwaiti daily Al Qabas as saying that the Muslim Brotherhood, the main Islamist force that emerged after the Arab Spring, is plotting to take over Gulf countries.

“My sources say the next step is to make Gulf governments (their ruling families) figurehead bodies only without actual ruling. The start will be in Kuwait in 2013 and in other Gulf states in 2016,” Khalfan said.

Khalfan sparked a controversy after threatening earlier this month to arrest renowned Islamic scholar and leading Brotherhood figure, Dr Yusuf Al Qaradawi, for criticising the United Arab Emirates for deporting Syrian protesters.

Reacting to the developments in the UAE, Mahmoud Ghazlan, Spokesman of Muslim Brotherhood, condemned the arrest warrant for Dr Al Qaradawi, Head of the International Union of Muslim Scholars.

Challenging the UAE establishment, Ghazlan said: “The United Arab Emirates cannot dare to arrest Sheikh Al Qaradawi. It is just a physiological war and propaganda. The cleric cannot be arrested.”

Meanwhile, the UAE government has asked the Egyptian authorities to explain its stand on the statement of Ghazlan.

Notably, Dr Al Qaradawi recently criticised the decisions of UAE government to cancel the residency permit of Syrian expatriates for staging protests against Syrian regime in Emirates and withdraw the citizenships of six Islamists who were found involved in terrorism funding.

General Secretary of GCC Abdullatif bin Rashid Al Zayyan also criticised Ghazlan’s account as an ‘irresponsible statement’.

He added that the statement is also against the efforts of UAE and Egypt to strengthen the bilateral relations.

Khalfan, highlighting the credibility of his statement, said his information is based on “leaks” from Western intelligence sources and said this “had been known to us.”

“If these leaks from Western intelligence were to be correct, by 2016 all Gulf rulers will be just figureheads with no actual power. I am warning Gulf states about these groups”, Khalfan said.

All of the six hydrocarbon-rich GCC member states namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE have been governed for centuries by ruling families.

Khalfan said the alleged plot will begin in Kuwait because “it is ready more than any other Gulf state… this is a strategy.”

Sunni Islamists made an impressive show in a February 2 snap election in Kuwait, securing more than 20 seats in the 50-member parliament.

The Peninsula

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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