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have the same meaning as given in those announcements.
Since the earlier announcements, the Company has been in continuous dialogue
with the Lenders and the new managers of the Former Subsidiaries (“New
Managers”). The Company’s objective of those discussions has been to ensure the
safety of current vessel operations and the stability for the Company and its
subsidiaries for the benefit of all Polarcus’ stakeholders. The Company has
sought to negotiate a standstill agreement relating to the Lenders’ security
rights against the Company and its subsidiaries (“Group”) which have not been
enforced as well as to execute a collaboration agreement with the New Managers.
Such an agreement would have permitted the continuation of current and awarded
seismic projects for which the operating A-Class and N-Class vessels (“Vessels”)
have been long committed to various E&P companies globally.
The Company has received notice from the Lenders that they no longer support the
continuance of the Company’s business relating to the Vessels and the New
Managers have instructed Polarcus to sail the Vessels to safe locations in order
to initiate a sales process.
Polarcus will continue to co-operate with the Lenders and the New Managers on
their instructions to bring current operations safely to an end. The Company is
also communicating with its clients in relation to upcoming awards for which the
Vessels are now no longer available and to seek alternative solutions for them.
In light of these circumstances and given their impact on the Group’s financial
position, notice of termination of employment will shortly be issued to all
Group employees.
The Lenders have made clear that they remain open to discuss a standstill period
in relation to their remaining claims and collateral with the view of finding a
solution which would allow the continued operation of Vyacheslav Tikhonov, owed
by Polarcus Selma Limited, a subsidiary of the Company. The Lenders do not hold
any security in either this vessel or this subsidiary. Polarcus will continue to
pursue such a standstill agreement in order to bring stability to the remainder
of its business.
Contacts
Duncan Eley, CEO
+971 4 43 60 915
duncan.eley@polarcus.com
(https://www.globenewswire.com/Tracker?data=oXe5hjxLiBzEhyOPFaZ3vQQSYMReTFitI9td
gO161t4BCNAEUwL8JZ5PbW-ermtfbrRA2TspFCnUEJjxy5osVy4PCOXTVLNChpW9bNs9nb8=)
Hans-Peter Burlid, CFO
+971 50 559 8175
hp.burlid@polarcus.com (mailto:hp.burlid@polarcus.com)
About Polarcus
Polarcus (OSE: PLCS) is a focused geophysical service provider of safe and
environmentally responsible marine acquisition services globally. Our
geophysical offering is driven by innovation and collaboration to provide
clients with better seismic data faster. Polarcus operates a fleet of high
performance seismic vessels with 3D and 4D imaging capabilities, which
incorporate leading-edge technologies for improved environmental performance and
operational efficiency. Polarcus offers contract seismic surveys and multi-
client projects with advanced priority processing solutions including Cirrus, a
suite of cloud-based applications and services designed to bring clients closer
to acquired seismic data, enabling faster and better informed exploration
decisions. The Company services its clients globally from its head office in
Dubai and regional offices located in Houston, London, Singapore and delivers
Group asset management services from Oslo. For more information, visit
www.polarcus.com
Disclaimer
The information included herein may contain forward-looking statements. Forward-
looking statements include all statements that are not historical facts,
including but not limited to statements expressing or implying the Company’s
intent, belief or current expectations with respect to, among other things,
forecasts, estimates, and predictions. Such forward-looking statements
necessarily involve risks and uncertainties and are dependent on assumptions,
information, data or methods that may be incorrect or imprecise. Actual results
could differ materially from expectations expressed in the forward-looking
statements if one or more of the underlying assumptions or expectations proves
to be inaccurate or is unrealized. Some factors that could cause actual results
to differ materially from those in the forward-looking statements include, but
are not limited to, developments in the oil and gas industry, the demand for
seismic services, the demand for data from the Company’s multi-client library,
currency risks, political risks, regulatory risks, and unexpected operational
setbacks. For a further description of other relevant risk factors we refer to
our 2019 Annual Report. The reservation is also made that inaccuracies or
mistakes may occur in the information given above concerning the current status
of the Company or its business. Any reliance on the information given above is
at the risk of the reader, and Polarcus disclaims any and all liability in this
respect.
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
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