Polarcus Takes Ownership of Two Vessels

Polarcus has taken over ownership of Polarcus Nadia and Polarcus Naila following the finalization of restructuring.

In January 2018 Polarcus launched an equity private placement and announced a financial restructuring, which was subject to the satisfaction of certain closing conditions, including the final documentation for the new fleet facility to finance the acquisition of two vessels for an aggregate purchase price of USD 75 million.

The company has now drawn down the full amount of the new fleet facility, namely USD 74,94 million, paid the balance of the purchase price in cash and has taken delivery of the N-Class vessels.

The vessels have been operated by Polarcus under long-term leases since delivery in December 2009 and February 2010 respectively. The long-term leases have been terminated simultaneously with the delivery of the N-Class vessels, the company explained.

In addition, Polarcus has received a Letter of Intent from an undisclosed client for a broadband 3D marine seismic acquisition project in Central America.

The project is due to start in Q2 2018 and will run for approximately two months.

The company did not disclose the value of the contract nor the name of the vessel that will conduct the work.

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