Polarcus vessel goes to work for Sovcomflot

Polarcus and Sovcomflot have signed the 5.5-year bareboat charter the companies originally announced in February.

Offshore staff

DUBAI, UAEPolarcus and Sovcomflot have signed a 5.5-year bareboat charter the companies originally announced in February.

ThePolarcus Amani was delivered to Sovcomflot today in Bergen without streamers, providing the Dubai-based geophysical provider’s fleet with one excess package, which it says will “significantly reduce” capex requirements through 2017 and 2018.

Following delivery of the vessel to Sovcomflot, the Polarcus Group has two vessels on long-term bareboat charter and operates a fleet of four vessels in the contract market.

Duncan Eley, Group CEO said: "We are very pleased thatSovcomflot has taken a second Polarcus vessel on bareboat charter, reinforcing our collaboration with a strategic client. We see this as a strong endorsement of our vessels' capabilities and suitability for state of the art seismic data acquisition. Importantly, this agreement delivers significant positive cash flow throughout the charter period.

“Our two vessels on long-term bareboat charter provide a total fixed backlog in excess of $100 million with no associated operating costs."

04/21/2017

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