Polarcus takes delivery of seventh seismic vessel

JUNE 21, 2012 — Polarcus Limited (OSE: PLCS) reports that Polarcus Adira AS, a member of the Polarcus Group, took delivery June 21, 2012, of Polarcus Adira, the eighth 3D seismic vessel to date to join the Polarcus fleet.

The vessel was built at Ulstein Verft in Norway and following a short shakedown will commence operations on a previously announced charter for TGS-NOPEC Geophysical Company ASA.

Polarcus Adira is the second of two 12 – 14 streamer Arctic-ready 3D seismic vessels being built at the Ulstein shipyard and the fourth vessel in the Polarcus fleet of the ax-bowed Ulstein SX134 design, with an overall length of 92 m and a beam of 21 m.

The vessel design includes a high ice class (“ICE 1A super”), increased propulsion and other innovative efficiency enhancing features. Polarcus Adira is also one of the most environmentally responsible seismic vessels in the industry, with diesel-electric propulsion, high specification catalytic convertors, a double hull, and advanced ballast water treatment / bilge water cleaning systems. The vessel carries the stringent DNV CLEAN-DESIGN class notation.

Polarcus Adira has a maximum speed of 16 knots and is capable of deploying up to 14 Sercel Sentinel® solid streamers.

With the delivery of Polarcus Adira, the fifth and last tranche of the $410 million fleet bank facility granted to the Polarcus Group has been fully drawn. Tranche four, related to the vessel Polarcus Samur, was drawn on June 19, 2012 in connection with the redemption of the 13 percent Polarcus Limited Senior Secured Callable Bond Issue 2008/2013, ISIN NO 001 0445935.