Polarcus names new CEO

Polarcus Ltd. (OSE: PLCS) has appointed Duncan Eley as CEO. Eley replaces Rod Starr, who resigned from the company following the completion of a two-year period of restructuring, refinancing, and reorganization.

Eley has over 18 years of experience in the seismic industry in various senior management roles and served most recently as Polarcus' COO since May 2013. Prior to joining Polarcus in 2009, Eley worked for a global strategy consultancy firm across the energy, transport, and natural resources sectors. He holds a bachelor’s degree in engineering from Monash University in Australia. In 2006, he completed his MBA at Erasmus University in Holland.

For the near term, the position of COO will be eliminated.

Starr joined Polarcus in February 2015. Under his leadership, the company gained market share, reduced operating and overhead costs and created additional liquidity through reduced debt payments and a recent private placement of equity. He will continue to work with the executive management team and Polarcus' Board of Directors for a transition period during the second quarter of 2017.

Polarcus is a marine geophysical company delivering high-end towed streamer data acquisition and imaging services.

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