Polarcus said the sale would boost its liquidity position in response to a prolonged industry downturn impacting the seismic services segment.
The company has also renegotiated a number of agreements with banks, as part of an effort to save millions of dollars in repayments in the coming years.
It has agreed an extension of the amortization freeze to 1 January 2019, reducing installments in 2018 by approximately $30m.
The amortization freeze triggers a one-year extension of the reduced operating lease rates for Polarcus Nadia and Polarcus Naila until 1 January 2019, reducing the lease payment in 2018 by approximately $15mn. This will also extend the term of the two leases by one year to Q4 2022.
Polarcus has also concluded negotiations with DNB Bank ASA to extend its $25mn working capital facility by one year to 1 July 2019, which it said further improves the company’s financial flexibility.
Rod Starr, ceo of Polarcus, said the share issue and the debt renegotiations would improve the company’s liquidity by $80m in the period through to the end of 2018.
“This gives Polarcus a financial foundation to continue our focus on operational excellence, cost efficiency and backlog for the fleet.”
Polarcus has also announced one of its Norwegian subsidiaries has entered into an agreement with SCF GEO for the bareboat charter of a newbuild seismic vessel for a period of five and a half years.
The vessel will be delivered without streamers and the streamer package currently on board the vessel will be available for use across the Polarcus fleet.
The charter will generate minimum hire of $72m over the fixed charter period with the possibility of increased charter hire fees based on Sovcomflot benefitting from certain market improvements.
Sovcomflot will have the right to purchase the vessel at any time during the charter at pre-agreed prices.
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