Seismic Surveyor Polarcus Sees Shares Nosedive as it Defaults on Debt Payment
Oslo-listed seismic surveyor Polarcus has defaulted on its bank loans and bonds, it said on Tuesday, sending the company's shares plunging more than 30%.Polarcus and other seismic surveyors have been hit by weak demand as oil companies slash spending on geological data amid the coronavirus pandemic and last year's crash in the price of crude."The company intends to pursue all available options with a view to ensuring the financial sustainability of the company and in the meantime will halt all payments of interest and amortization to finance providers," it said in a statement.
Sølvtrans Orders Ship from Spanish Shipyard
at Zamakona Yards. Further, the company has entered an option for two additional vessels with delivery in second half of 2014 and first half of 2015. The investment, amounting to some NOK 250 million (€ 22 million) per vessel, will be funded through a combination of internal means and bank loans. The new vessels will be constructed according to the same specifications as Ronja Polaris and thus have state of the art technology and environmentally friendly solutions. We recall that a "wellboat" is a vessel with tanks intended for transporting live fish. Roger Halsebakk