Sovcomflot takes on Polarcus seismic vessel

April 24, 2017

Norway's Polarcus has delivered its Polarcus Amani seismic vessel, without streamers, to Russia's Sovcomflot in Bergen. 

The vessel has been chartered by Sovcomflot under a bareboat agreement for five and a half years. Following delivery of the vessel to Sovcomflot, the Polarcus Group has two vessels on long-term bareboat charter and operates a fleet of four vessels in the contract market.

It now also has one excess streamer package, which will reduce capital expenditure requirements through 2017 and 2018, says the firm.

Duncan Eley, Polarcus group CEO said: "This agreement delivers significant positive cash flow throughout the charter period. Our two vessels on long-term bareboat charter provide a total fixed backlog in excess of US$100 million with no associated operating costs."

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