Polarcus unveils third quarter report - details surveys in high ArcticCompany News // November 14, 2012
Seismic survey company Polarcus Limited has unveiled its third quarter 2012 financial statements.
Highlights in the third quarter 2012 include:
• Revenues of US$174.6 million, up 119 per cent from Q3 11
• EBITDA of US$64.6 million, up 170 per cent from Q3 11
• EBIT of US$39.7 million, up 763 per cent from Q3 11
• Net Cash Flow from operating activities of US$74.3 million, up 109 per cent from Q3 11
• Fleet backlog with an estimated total value of US$280 million
• Vessel utilization at 92 per cent, comprising contract 86 per cent and multi-client 6 per cent
• US$10 million guarantee facility for bid and performance bonds secured.
The third quarter 2012 was the first time Polarcus operated its full fleet complement of eight vessels subsequent to the delivery of Polarcus Adira in June, enabling the company to realise a net profit of US$ 21 million for the quarter.
The third quarter also marked another milestone achievement for Polarcus with three vessels (representing 37.5 per cent of the company's fleet) acquiring 3D seismic data in the high Arctic offshore Greenland.
"This major logistical effort undertaken to support two significant client programmes has progressed efficiently and to plan, validating the investments made by Polarcus since inception," said the company.
"These investments have covered the full range of Arctic-ready technologies and processes, from the ICE-1A class vessel construction to the DNV-qualified Arctic operating procedures."
Rolf Ronningen, CEO of Polarcus, said: "I am exceptionally proud of the fantastic achievement of our crews and support personnel in successfully executing the company's first true Arctic programmes in the heavily ice infested waters of Baffin Bay, offshore Greenland.
"Both clients have further expressed their own high satisfaction with the professionalism and outstanding performance of the Polarcus crews in the successful delivery of their projects."