Polarcus extends backlog, completes financial restructure

Offshore staff

DUBAI, UAE – Polarcus Ltd. has received multiple awards that combine to extend its fleet backlog by six vessel months. 

The projects will be carried out by multiple Polarcus vessels, to begin in 1H 2016.

The company said that two awards are extensions of current projects, noting that such contracts allow the fleet utilization to be optimized by increasing backlog without additional transit. The company called it “a very positive factor in the current challenging market.”

Polarcus recently provided an update to its restructuring efforts announced just after the first of the year to reduce its debt and improve its balance sheet. Conditions for the financial restructure have now been fulfilled, with various financing agreements amended. New shares will be issued once the technical transformation of its previously issued bonds has been completed. 

02/29/2016

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