Polarcus Lands Restructuring Deal

Seismic player Polarcus has gained support from key stakeholders for restructuring of its balance sheet, the company said Wednesday.

According to the Oslo-listed company, the restructuring should reduce Polarcus’ debt level with renegotiated lease terms and the introduction of new call option prices for the bonds corresponding to a potential debt reduction of USD 280 million.

In addition, debt service payments during the next two years would be reduced by approximately USD 140 million.

By securing the stakeholders backing, in addition to six project award announcements in Q4, Polarcus has managed to avoid the faith of another Norwegian seismic player Dolphin, which filed for bankruptcy in December last year.

The main terms of the proposed restructuring can be viewed in more detail here: Polarcus Market Update and Restructuring Information

Subsea World News Staff

Share this article

Follow Subsea World News


<< Dec 2017 >>
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

SPE/IADC Middle East Drilling Technology Conference and Exhibition

The theme for this conference is “Building on Today’s Efficiencies for Tomorrow’s Market.” This will be the basis for the technical agenda…

read more >

The World Future Energy Summit (WFES) 2018

WFES will also hold its annual conference, which sees international government and business experts come together to discuss critical global…

read more >


This training event will offer instruction on the newest features of HYPACK® 2018 as well as comprehensive training for both novice…

read more >

8th Myanmar Oil, Gas & Power Summit

The Myanmar Oil and Gas Summit is the longest established Oil & Gas event in Myanmar. Every year the event is attended by government…

read more >