Polarcus News


Seismic Firm Polarcus Set for Business Wind-down, Delisting from Oslo Exchange

Jun 25, 2021

Polarcus Limited, a seismic surveyor in liquidation, is set to be wound down and delisted from the Oslo Stock Exchange.As previously reported, in January this year, lenders took control of the company's vessels after a debt payment default, and decided to sell them and let go all the employees…

Polarcus: Liquidators Appointed to Assist with Debt Restructuring

Feb 09, 2021

Struggling seismic player Polarcus, which last week saw creditors take over its vessels following a debt payment default, on Tuesday said a Cayman Islands court has appointed joint provisional liquidators, after the company's application.'The…

Lenders Take Control of Polarcus' Ships After Default on Debt

Jan 27, 2021

Lenders took control of Polarcus' ships on Tuesday after the seismic surveyor defaulted on its bank loans and bonds, hit by a drop in spending by energy companies struggling with the COVID-19 pandemic and volatile oil prices.The company's Oslo…

Seismic Surveyor Polarcus Sees Shares Nosedive as it Defaults on Debt Payment

Jan 26, 2021

Oslo-listed seismic surveyor Polarcus has defaulted on its bank loans and bonds, it said on Tuesday, sending the company's shares plunging more than 30%.Polarcus and other seismic surveyors have been hit by weak demand as oil companies slash…

Polarcus Nets APAC Survey Gig

Dec 30, 2020

Offshore seismic survey contractor Polarcus has said it has been awarded a letter of award for a survey in Asia Pacific.The seismic survey vessel owner said Wednesday that the letter of award entailed the provision of 3D seismic data acquisition services in the Asia Pacific region…

Polarcus, Sovcomflot in Seismic Survey Deal in Far East

Dec 18, 2020

Oslo-listed marine seismic company Polarcus has signed a memorandum of agreement with Sovcomflot for the use of one of its survey vessels on a project in the Far East.The company said Friday the contract was signed with SCF GEO, a Sovcomflot Group firm…

Polarcus Nets 3D Survey Gig in W. Africa

Oct 16, 2020

Marine seismic survey company Polarcus has said it has won a 3D seismic data acquisition project offshore West Africa.The Oslo-listed company said that under the letter of award, awarded to it by an unnamed client, the survey will take two months to complete…

Sovcomflot Returns Seismic Vessel to Polarcus

Sep 29, 2020

Russian firm Sovcomflot has returned the offshore seismic vessel Ivan Gubkin to its owner Polarcus.The 14-streamer 3D seismic vessel - originally named Polarcus Amani - had been on a charter with Sovcomflot since 2017 and should've stayed with Sovcomflot for five and a half years…

Sovcomflot Keeps Polarcus' Vyacheslav Tikhonov Vessel for Three More Years

Sep 11, 2020

Russian company Sovmcomflot has decided to extend the charter of Polarcus' Vyacheslav Tikhonov seismic vessel for three years, but might redeliver the Ivan Gubkin vessel back to the Oslo-listed owner.The Vyacheslav Tikhonov, owned by Polarcus…

Polarcus Hired for 3D Survey Project in W. Africa

Aug 27, 2020

Oslo-listed offshore seismic acquisition company Polarcus has won a new contract in Africa.The seismic vessel fleet owner said Thursday that the survey in West Africa under the newly awarded contract would start in October 2020.The XArray marine…

Polarcus' 2Q Revenue Hit by Contract Cancellations, Lower Rates

Jul 22, 2020

Marine seismic contractor Polarcus saw its second-quarter revenue fall due to contract cancellations and lower dayrates caused by the slump in oil prices and the oil companies' exploration budget cuts that followed. During the quarter, the company saw its vessel utilization drop to 50%…

Polarcus Nadia on the Move after Long Layup

Jul 17, 2020

Polarcus' seismic vessel Polarcus Nadia is on the move, after more than five years in lay-up in the Netherlands, according to information released Friday by Dutch Marine Contractors.The Polarcus Nadia, delivered in 2010, was cold stacked by…

Eni Hires Polarcus for Asia Pacific Survey

Jul 10, 2020

Polarcus has won a contract with Eni for a survey in the Asia Pacific.The Oslo-listed marine seismic services provider said the contract was for an expected minimum duration of one month.'The project is scheduled to commence in Q1 2021, subject to relevant approvals…

Vyacheslav Tikhonov Seismic Vessel Stays with Sovcomflot

Jun 24, 2020

Russian shipping company Sovcomflot will not redeliver the Vyacheslav Tikhonov seismic vessel to Polarcus early, as previously planned.The vessel is owned by the seismic acquisition specialist Polarcus, but has since 2011 been with Sovcomflot…

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