Polarcus Amani Delivered to Sovcomflot
A 5.5 year bareboat charter agreement between Polarcus Limited Norwegian subsidiary Polarcus Amani AS and SCF GEO AS (Sovcomflot) has been signed, and the vessel delivered to Sovcomflot in Bergen.
The vessel was delivered without streamers, providing the Polarcus fleet with one excess streamer package, which the company said will significantly reduce its capital expenditure requirements through 2017 and 2018.
The Polarcus Group now has two vessels on long-term bareboat charter and operates a fleet of four vessels in the contract market.
Duncan Eley, Group CEO said, “We are very pleased that Sovcomflot has taken a second Polarcus vessel on bareboat charter, reinforcing our collaboration with a strategic client. We see this as a strong endorsement of our vessels' capabilities and suitability for state of the art seismic data acquisition. Importantly, 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 $100 million with no associated operating costs.”