Seismic Surveyor Polarcus Sees Shares Nosedive as it Defaults on Debt Payment
restructuring while intending to continue its operations as normal.Following a drop in the company's share price, the Oslo Bourse halted trade in the stock to give Polarcus time to provide additional information.The company, which owns seven seismic vessels, including two chartered to Russia's Sovcomflot, added it had an order backlog of about $130 million as of Tuesday.A previous oil market downturn from 2014 to 2016 resulted in a consolidation of firms in the seismic industry, with major players either listed or headquartered in Norway.Shearwater GeoServices, headquartered in the city of Bergen
Polarcus Awarded Middle East Project
will be provided by fellow seismic data acquisition company SAE Exploration.Polarcus said the core of its fleet is heavily booked in the first quarter of 2019, creating the opportunity to call on the Vyacheslav Tikhonov (ex-Polarcus Selma, currently on bareboat charter to the seismic division of Sovcomflot) to provide marine seismic acquisition services with project management delivered by Polarcus.Polarcus COO, Lars Oestergaard said the towed streamer seismic project will be acquired in unison with an undershoot OBN component to address imaging challenges in obstructed areas. "We see OBN as
Polarcus Wins 4D Project in the Far East
Marine geophysical company Polarcus Limited announced Monday that its subsidiaries have entered into a memorandum of agreement with Sovcomflot GEO (SCF GEO), to provide 4D marine seismic acquisition services in the Far East for a major exploration and production company.The program requires two Polarcus ICE-1A class vessels and will commence in Q2 2019 running for approximately three months, a total of six vessel months, Polarcus said.The company expects contractual arrangements and associated third party approvals to be finalized before the end of January 2019.
Polarcus Amani Delivered to Sovcomflot
A 5.5 year bareboat charter agreement between Polarcus Limited Norwegian subsidiary Polarcus Amani AS and SCF GEO AS (Sovcomflot) has been signed, and the vessel delivered to Sovcomflot in Bergen. The vessel was delivered without streamers, providing the Polarcus fleet with one excess streamer package, which the company said will significantly reduce its capital expenditure requirements through 2017 and 2018. The Polarcus Group now has two vessels on long-term bareboat charter and operates a fleet of four vessels in the contract market. Duncan Eley, Group CEO said
Sovcomflot Ups its Role in the Sakhalin-2 Project
Sovcomflot Group (SCF Group) said its fleet will have greater involvement in serving the Sakhalin-2 offshore platforms for Sakhalin Energy Investment Company Ltd. (Sakhalin Energy). SCF Group, Sakhalin Energy and Swire Pacific Offshore have signed several agreements that entail the purchase of two platform supply vessels from Swire Pacific Offshore by SCF Group. All the three platform supply vessels used in the Sakhalin-2 project will now be operated by SCF Group under long-term time charter contracts with Sakhalin Energy. The three ships are multipurpose ice-class (Ice-10) supply
Greenpeace Targets Russian Tanker at Rotterdam Port
Mikhail Ulyanov, an ice-breaking shuttle tanker (ice class – ARC6) belonging to OAO Sovcomflot (SCF Group), has been the subject of a Greenpeace protest, while at the Port of Rotterdam carrying a cargo of 67,000 tons of crude oil, loaded on the continental shelf of the Pechora Sea, Russia. “We are extremely disappointed that our vessel has been the subject of an irresponsible publicity stunt by Greenpeace, which occurred despite the measures taken by our ship and the port authorities, including the Coast Guard and the Marine Police. Mikhail Ulyanov is an ultra-modern high ice
Arctic Energy Exploration Efforts Heat Up
vessels. Fednav recently took delivery of the 25,000-ton icebreaking bulk carrier, Nunavik, to transport nickel concentrate from the Nunavik nickel mine in northern Quebec to Europe. The 70,000-ton DAS shuttle tanker Mikhail Ulyanov was designed by Aker Arctic and built in Russia for OAO Sovcomflot and delivered in 2010. Along with sister ship Kirill Lavrov, it takes on crude oil from the Aker Arctic-designed floating storage and offloading (FSO) unit moored off Murmansk in the Prirazlomnoye oil field development in the Pechora Sea. Double Wide For many icebreaking operations, a single
Arctic Navigation Training Center Opened in Russia
OAO Sovcomflot opens its Saint-Petersburg captain & senior officer training & engineering centre (TEC) for Arctic offshore operations. The opening of the modern training centre in Russia’s maritime capital marks an important milestone in the implementation of the SCF development strategy which provides for an expansion of company participation in oil & gas projects in the Arctic and sub-Arctic. Sovcomflot vessels provide year-round support for large offshore energy projects, such as: Sakhalin-I, Sakhalin-II, Varandey, Tangguh, Escobar, and Peregrino. Training at the new SCF
Arctech Helsinki Shipyard Delivered Icebreaking Offshore Vessel
Arctic offshore vessel NB-506 Vitus Bering was delivered at Helsinki Shipyard on Friday 21.12.2012 to the client Sovcomflot, the largest shipping corporation in Russia. The vessel will supply the Arkutun-Dagi oil and gas field in Sakhalin area, in Far East Russia. Vitus Bering is the first vessel of the series, the sister vessel NB-507 will be delivered in April 2013. ”Delivering this vessel today is an important achievement for Arctech. It is an important reference for us as we compete in orders of arctic vessels in the future. Delivering as technically advanced ship as
February 2024
