Polarcus
Polarcus was a UAE-based marine geophysical company specializing in high-end seismic exploration services for the oil and gas industry. It was established in 2008 and gained a reputation for its commitment to environmentally responsible practices, including the use of advanced, eco-friendly vessels designed to minimize the ecological footprint.
The company operated a fleet of seismic survey vessels equipped with state-of-the-art technology to collect subsurface geological data, which is crucial for oil and gas exploration. Their services included 2D, 3D, and 4D seismic data acquisition, as well as multi-client project solutions.
One of the notable aspects of Polarcus was its focus on sustainability. The company invested in technologies and practices to reduce emissions and fuel consumption, aiming to mitigate the environmental impact of seismic surveys. Polarcus was also known for implementing best practices in health, safety, and environmental (HSE) management.
In recent years, however, the company faced financial difficulties. In January 2021, Polarcus announced that it was in default of its debt obligations. The company's lenders took control of its vessels, and Polarcus eventually ceased its exploration activities. The company's flagship assets were sold off as part of the liquidation process, marking the end of its operations.
Polarcus' story is a reflection of the challenges faced by the seismic services industry, including market volatility, high operational costs, and competition. Despite its exit from the market, the company's emphasis on environmental stewardship left a lasting impact on the industry.
- Phone: +971 4 43 60 800
- Web: https://www.polarcus.com
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Polarcus News
Polarcus Secures New Contract
Polarcus Limited sign a new contract with an unnamed client in terms of a marine 3D seismic project where Polarcus' Right Band technique used for broadband data acquisition.
Polarcus Divests from Select Projects in Europe, Africa
Polarcus Limited announced it has signed a Letter of Intent (LOI) with TGS-NOPEC Geophysical Company ASA (TGS) for the sale of its multi-client projects in Northwest Europe and West Africa (MC Projects) in return for a cash consideration of $27.5 million and future revenue share on library late sales. The agreement includes an upfront cash payment, a tiered revenue share from future sales of the divestedā¦
TGS Signs Vessel Charter Deal with Polarcus for 2016
TGS-NOPEC Geophysical Company ASA (TGS) signs letter of intent (LoI) for charter of an estimated six months of 3d vessel capacity from Oslo-listed seismic vessel operator Polarcus.
Polarcus Revenues Down in āUncertain Marketā
Polarcus Limited released its first quarter 2015 financial statements, reporting revenues of $81.1 million, down 33 percent from same quarter the previous year. The companyās gross cost of sales were $68.7 million, down 13 percent from same quarter the previous year. Polarcus reported improved liquidity position by $59 million following an amendment agreement with the banks, as well as an extension of maturity of the $125 million convertible bond by two years to 2018.
Polarcus 4th Quarter Revenue Down 24% v. 2013
Polarcus Limited announced another disappointing quarter today, reporting $93.3 million in fourth quarter revenues, down 24% from the same quarter in 2013. The Dubaiā¦
Sjo Resigns from Polarcus Board of Directors
Polarcus Limited announced that Hege Sjo will resign from its board of directors effective February 2, 2015. Sjo has accepted an appointment as Deputy Director Generalā¦
Polarcus Appoints Starr as Next CEO
Rod Starr will succeed Rolf Ronningen as Polarcus' next chief executive officer. Following a comprehensive selection process, Polarcus Limitedās board of directors has chosen Rod Starr to succeed Rolf Ronningen as chief executive officer. Ronningen, who informed the board of his planned retirement in 2014, will continue as CEO until Rod takes up his appointment, expected early Q1 2015. Starr joins Polarcus from TGS-NOPEC Geophysical Company.
Polarcus Q4 Vessel Utilization Drops
Norwegian seismic explorer Polarcus' said its vessel utilisation dropped in the fourth quarter and it expected a challenging market through 2015. The firm had aā¦
Polarcus Awarded 3D Project Off West Africa
Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa. The project, to be acquired by Polarcus Nadia and subject to the execution of a service contract, will commence in the first quarter of 2015 and is expected to run for approximately 21 days.
Polarcus COO Buys Half a Million Company Shares
Polarcus Limited announced today that a primary insider of Polarcus has acquired shares in the company. Duncan Eley, Chief Operating Officer, has on November 14, 2014 acquired 500,000 shares at an average price of NOK 0.9542 per share, the company said in a press release. He owns 500,000 shares in Polarcus following the transaction.
Polarcus Insiders Scoop up Shares
- Peter Rigg, Chairman of the Board, has on 07 October 2014 acquired 150,000 shares at a price of NOK 1.40 per share. Following the transaction he owns 434,880 shares. - Hege Sjo, board member, has on 07 October 2014 acquired 111,429 shares at a price of NOK 1.40 per share. Following the transaction she owns 461,309 shares. - Tore Karlsson, board member, has on 07 October 2014, through his wholly owned company Kepelia Enterprises Company Limitedā¦
Polarcus Tests Market, Improves Earnings
Polarcus Limited today announced the release of its second quarter 2014 financial statements in which it reported revenue rose 13% sequentially and 5% YoY to $137.6 million while. The company highlighted EBITDA of $49.9 million and EBIT of $23.8 million, a net profit increase to $9.2 million, from 6.3 million in Q2 2013, net cash flow from operations of $45.6 million, a strong Multi-Client prefunding of 92% and 30% reduced financing costs YoY with improved maturity profile.
Alewijnse to Refit Seismic Vessel Polarcus Naila
Systems integrator Alewijnse Marine Systems has been awarded the contract for the full electrical refit of the seismic vessel Polarcus Naila. The ultra-modern, 12 streamer 3D/4D seismic vessel will arrive in February 2014 at the Damen-owned yard Shipdock Amsterdam for a refit scheduled to last 35 days. The refit involves the replacement of the current thrusters. The ship repair and conversion yardā¦
Polarcus Adira & Amani
Polarcus Limited received its eighth 3D seismic vessel in June, when Polarcus Adira was delivered at Ulstein Verft in Norway. The vessel is the second of two 12-14 streamer Arctic 3D seismic vessels built at the yard, and is the eighth vessel in the Polarcus fleet of the Ulstein SX134 design, characterized by the sleek Ulstein X-bow hull design. Sistership Polarcus Amani was delivered by the yard at the end of March.
Polarcus Fleet Certified DNV Top Environmental Rating
Polarcus receive the worldās first-ever DNV Level 1 Triple-Eā¢ rating for its fleet of sesimic survey vessels. Triple-Eā¢ is a voluntary environmental rating scheme for ships with a rating from Level 4 to Level 1, where 1 is the highest. To achieve Level 1, all levels must be complied with and there are areas of compliance within management, operation and design. The rating is based on a verification of a shipās actual energy efficiency and environmental performanceā¦
Polarcus Innovation in Seismic Vessel Design
Polarcus Limited received its eighth 3D seismic vessel on 21 June 2012 when Polarcus Adira was delivered at Ulstein Verft in Norway. The vessel is the second of two 12-14 streamer Arctic 3D seismic vessels built at the yard, and is the eighth vessel in the Polarcus fleet of the Ulstein SX134 design. The marine geophysical company Polarcus Limited received its eighth 3D seismic vessel on 21 June 2012 when Polarcus Adira was delivered at Ulstein Verft in Norway.
Polarcus Alima travels the Northern Sea Route
One of the X-BOW vessels designed by ULSTEIN, the seismic vessel āPolarcus Alimaā, recently transited to Asia-Pacific via the Northern Sea Route (NSR). This is the first known passage of a 3D seismic vessel along the Northern Sea Route. Her passage commenced on September 15 from Hammerfest in Norway after completion of seismic operations in the Barents Sea. After only nine days and 3,000 nautical miles the vessel reached Cape Dezhnev in the Bering Straits.
Drydocks World Delivers Polarcus Selma
Drydocks World recently delivered seismic vessel Polarcus Selma to its owner, Dubai-based geophysical services company Polarcus. Polarcus Selma is among a series of vessels that were built at the Dubai facility for Polarcus and others with a vessel CAPEX of $135 million. Polarcus Selma is an Arctic-ready, eight-streamer 3D seismic vessel of the Ulstein SX133 design, built to tow both conventional and wide tow spreads, including the Company's First PassTM 3D technique.
Polarcus to Build Seismic Vessels at Ulstein
Polarcus, a provider of marine geophysical services, is building two seismic vessels of the new generation type SX134 at the Ulstein Verft shipyard. ULSTEIN has designed and built a number of state-of-the-art seismic vessels the past few years, and the contracts attest to the company's leading role in designing and building seismic ships. Polarcus is a shipowner committed to innovation and the environmentā¦
Polarcus Receives 3-D Seismic Vessel
Drydocks Worldā Dubai delivered a 3D seismic vessel, Polarcus Asima, to Polarcus, a Dubai-based marine geophysical company. Polarcus Asima is the third in a series of six seismic vessels being built at the yard for Polarcus, following the vessels Nadia and Naila. The double-hulled, DP2 class Polarcus Asima incorporates many features to enhance performance with improved safety and comfort elements while ensuring minimum emissions.
