Polarcus Naila returns to operations with significantly increased capacity Tuesday, May 06, 2014
Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) announces that Polarcus Naila is presently mobilizing for the highly prefunded Polarcus "UK Breagh" multi-client survey after a successful upgrade. The upgrade enables the vessel to tow ultra-wide 12 streamer spreads, matching the capability of the four high performance "A-class" vessels in the Polarcus fleet. Subsequent to the one month "UK Breagh" survey Polarcus Naila will mobilize for the previously announced charter to TGS-NOPEC Geophysical Company ASA.
The upgrade comprised a conversion of the vessel's propulsion system to proven twin-fin shaft and propeller technology at a cost of USD 12 million, plus certain other major productivity and class enhancements and a mandatory vessel classification at a further cost of USD 11 million. The project, undertaken at Shipdock Amsterdam, was completed in just 55 days and as a result of the upgrade the vessel now operates with a significantly improved earnings potential.
Polarcus maintains its guiding for 2014 vessel related capital expenditure of USD 55 - 65 million.