Polarcus Restricted (“Polarcus” or the “Firm”) (OSE: PLCS) has confirmed to the related Finance Events a cost default underneath its Working Capital Facility Settlement. The Firm intends to pursue all obtainable choices with a view to making sure the monetary sustainability of the Firm and within the meantime will halt all funds of curiosity and amortization to finance suppliers.
In gentle of the sustained financial challenges globally, the Firm has been in detailed discussions with its financial institution lenders, (the “Lenders”) to discover monetary options. Throughout this era, the Lenders consented to the extension of sure monetary obligations underneath the Firm’s financial institution services till 25 January 2021 together with the duty to wash down the USD 25 million which had been drawn down from the Group’s Working Capital Facility Settlement (“WCF”). The Lenders have now knowledgeable the Firm that no additional extension shall be granted right now. With the expiration of the earlier clear down extension, an occasion of default has been triggered underneath the WCF and, in flip, a cross-default of the Group’s different financial institution services and of the Convertible Bond Mortgage. Brokers underneath the respective services have been knowledgeable. The Firm has not acquired any discover of debt acceleration.
The Firm will proceed to have interaction intensively with all effected finance suppliers. Nonetheless, there will be no assurance or assure that any consensual settlement shall be reached or consummated and no formal standstill settlement is in place between the Firm and any finance supplier.
Commencing shortly after the inception of the COVID-19 pandemic, the Firm has taken a variety of measures to enhance its monetary scenario. The worldwide group has been restructured to include a streamlined hemisphere mannequin and the Firm’s value base has been considerably diminished (see press releases dated: 31 March and 22 June, 2020). These efforts along with a constantly excessive stage of mission efficiency has enabled the Firm to take care of market share in a particularly difficult market and to realize a monetary place the place operations are money optimistic earlier than debt service. As of 26 January 2021, the Firm’s backlog amounted to roughly USD 130 million.
The Board of Administrators will proceed to take steps to handle the Firm within the pursuits of all stakeholders and to function usually in all different respects. Specifically, commerce collectors will proceed to be paid in full and inside present agreed cost intervals and shoppers will proceed to obtain the excessive mission efficiency requirements for which Polarcus has turn out to be recognised over the previous decade.
Polarcus has retained ABG Sundal Collier as monetary advisor and Wiersholm and Walkers as authorized advisors to help the Firm in its course of to handle the contemplated restructuring of the Firm’s steadiness sheet.
Duncan Eley, CEO
+971 4 43 60 915
Hans-Peter Burlid, CFO
+971 50 559 8175
Polarcus (OSE: PLCS) is a centered geophysical service supplier of protected and environmentally accountable marine acquisition companies globally. Our geophysical providing is pushed by innovation and collaboration to offer shoppers with higher seismic information quicker. Polarcus operates a fleet of excessive efficiency seismic vessels with 3D and 4D imaging capabilities, which incorporate modern applied sciences for improved environmental efficiency and operational effectivity. Polarcus presents contract seismic surveys and multi-client initiatives with superior precedence processing options together with Cirrus, a collection of cloud-based functions and companies designed to convey shoppers nearer to acquired seismic information, enabling quicker and higher knowledgeable exploration selections. The Firm companies its shoppers globally from its head workplace in Dubai and regional places of work situated in Houston, London, Singapore and delivers Group asset administration companies from Oslo. For extra data, go to www.polarcus.com
This data is topic to the disclosure necessities pursuant to part 5 -12 of the Norwegian Securities Buying and selling Act.