Revamped Polarcus Naila Mobilizes for ‘UK Breagh’ Survey

Polarcus Limited said that its seismic vessel 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.

Polarcus, May 5, 2014

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