DUBAI, UAE – Polarcus has provided an update on discussions with its lenders.
The company has been seeking an agreement to allow continuity of seismic projects, either in progress or awarded, involving its operating A-Class and N-Class vessels.
However, it has received notice from the lenders that they no longer support continuance of the company’s business relating to the vessels.
The New Managers have therefore instructed Polarcus to sail the vessels to safe locations in order to initiate a sales process.
Polarcus said it would continue to co-operate with the lenders and the New Managers on bringing current operations safely to an end. It is also communicating with its clients in relation to upcoming awards for which the vessels are now no longer available, and to seek alternative solutions for them.
It will shortly issue notice of termination of employment to all group employees.
However, the lenders remain open to discussing a standstill period in relation to their remaining claims and collateral, in order to allow the continued operation of Vyacheslav Tikhonov, owed by the company’s subsidiary Polarcus Selma.
The lenders do not hold any security in either this vessel or the subsidiary.