Polarcus Wins More Work

Polarcus has received multiple awards which together extend the fleet backlog by six vessel months, the Oslo-listed company said on Friday.

The projects will be carried out by multiple Polarcus vessels and start in Q1 and Q2 2016.

Duncan Eley, Polarcus COO, said: “Two of the awards are extensions of current projects. Such extensions reflect the excellent performance of our vessels and are beneficial to Polarcus as the fleet utilization can be optimized by increasing backlog without additional transit, which is a very positive factor in the current challenging market.”

In addition, Polarcus yesterday announced that the conditions for its financial restructuring have now been fulfilled and that the various financing agreements have been amended as contemplated by the restructuring, and consequently the technical transformation of the company’s previously issued Bond Issues has been initiated.

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