Presentation

Polarcus is a marine geophysical company, specialising in high-end towed streamer seismic acquisition. The company was founded in 2008 and is headquartered in Dubai, with regional offices in Houston, London and Singapore. Since inception, the company has completed more than 200 projects worldwide. Polarcus was listed on Oslo Axess in 2009 and subsequently transferred to the Oslo Stock Exchange in 2012.

Polarcus owns a modern, high-end fleet of seven 3D/4D vessels with an average age of ~9 years, whereof one is currently cold-stacked and two are on bareboat-charters with Sovcomflot. The company is mainly operating its vessels in the contract market, but invested in two surveys offshore Australia in 2019 and Q1’20. The company is also active in the 4D market. As market conditions weakened following the oil price decline, utilization fell from ~90% in Q1'20 to 50% in the second quarter. The backlog was USD 141m as of Q2'20.