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CARBON TAX ON BUNKER FUEL
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Marine Log

IMAGE: POLARCUS

July 8, 2008

Polarcus lists on Oslo OTC

The shares of Polarcus Limited are now registered on the Norwegian OTC list ("NOTC List") and are traded under the symbol PLCS.

Dubai-based Polarcus describes itself as "a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from pole to pole."

The company is building six advanced seismic vessels at Drydocks World, Dubai. Designed by Norway's Ulstein Design AS, they have the Ulstein X-bow hull.

If X-bowed seismic vessels being built in Dubai sounds like deja vu all over again, then you must be thinking of Eastern Echo. That was a similar seismic start up with six Ulstein design, X-bowed seismic vessels on order in Dubai. It was acquired at the end of last year by Schlumberger.

Interestingly, of nine senior Polarcus executives listed on the company's website, including CEO Rolf Ronningen, seven were previously with Eastern Echo.

Indeed, everything about Polarcus seems much like an Eastern Echo echo.

Be that as it may, the company last month firmed up the contracts for its fifth and sixth ships--two 12-streamer 3D seismic vessels to a new Ulstein type SX134 design.Ulstein Design AS soon after plate cutting ceremonies were held for its second newbuilding.

And on July 2 it announced that it has successfully secured new financing totaling $140 million, comprising equity of $50 million, a 5 year convertible bond loan of $35 million, and a 5 year senior secured bond loan of USD55 million.

This brings the total financing secured to date by Polarcus to approx. $542 million, or 60% of the estimated $900 million project costs for the initial six vessels.

Largest shareholder in Polarcus as of July 8, 2008 is listed as Drydocks World LLC with 36.84 percent.


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