Eley to Take over as Polarcus CEO
Duncan Eley has been appointed chief executive officer of Oslo listed offshore geophysical services company Polarcus Limited, replacing Rod Starr, who has resigned following a two year reorganization period. Eley has been promoted to the CEO role from his current position as chief operating officer, succeeding Starr effective immediately. Starr will continue to work with the executive management team and Polarcus' Board of Directors for a transition period during the second quarter of 2017. For the near term, Polarcus will eliminate the COO position “to better align
TGS Hires Polarcus for Europe
; The project will commence early in Q2 2017. The remaining 10,000 sq.km. will be acquired in 2018 utilizing up to two Polarcus vessels with commencement expected in early Q2 2018. "Polarcus is very pleased to expand its collaboration with TGS for this major award", stated Rod Starr, Polarcus CEO. "A project award of this magnitude will drive vessel utilization and provide significantly improved visibility for Polarcus." Polarcus is an innovative marine geophysical company with a pioneering environmental agenda, delivering high-end towed streamer data acquisition
Polarcus, TGS Partner for Multi-client Surveys
separately as they occur. Further, under the collaboration agreement, TGS will extend its vessel agreement with Polarcus entered in June 2015 for the charter of 3D vessel capacity. The extension will be valid through the end of 2017 for up to 10,000 sq. km. According to Polarcus CEO, Rod Starr, “The agreement will leverage the core strengths and expertise of both parties.” “The collaboration will drive vessel utilization as well as allow Polarcus to expand its multi-client business with limited capital investment,” Starr added.
Polarcus Announces Further Job Cuts
.Sc. in Economics and Business Administration from Blekinge Institute of Technology, Sweden. "It is always a difficult decision to see the departure of high-quality employees, but the current market environment requires us to continuously review and adjust our cost structure," stated Rod Starr, Polarcus CEO. Polarcus said its continued aggressive cost management program combined with its vessel backlog, operational excellence and innovation and recently announced financial restructuring position the company to ride out a prolonged market downturn
Polarcus ‘Riding Out the Storm’
quarter 2015 financial statements, revealing revenues of $91.7 million and gross cost of sales of $61.6 million, down 33 percent and 27 percent from Q2 2014, respectively. EBITDA was $38.4 million, down 23 percent from Q2 2014 with increased margin to 42 percent from 36 percent. Polarcus CEO Rod Starr said, “The seismic market remains highly competitive and the outlook uncertain, but we moved quickly early in the year with our focus on business fundamentals that continues unabated. Our second quarter results are bearing the fruits of that labor; costs are down, backlog is up and liquidity
Polarcus Divests from Select Projects in Europe, Africa
transaction will result in a non-cash impairment of the multi-client library of approximately $65 million. Polarcus' 22,130 sq. km. Capreolus 3D survey offshore Australia does not form part of the transaction and will continue to be owned and marketed by Polarcus. Commenting on the transaction, Rod Starr, CEO Polarcus, said, "The decision to sell a portion of the library provides Polarcus with additional liquidity to navigate the current challenging market environment by monetizing a portion of the asset value while retaining revenue upside from future late sales achieved by TGS. It should
TGS Signs Vessel Charter Deal with Polarcus for 2016
of individual projects in line with its 2016 investment plan. Under the terms of the LOI, TGS will offer Polarcus the Right of First Refusal (ROFR) for the charter of 3D vessel capacity to acquire discrete projects of up to 10,000 sq. km in total. Commenting on the agreement, Rod Starr, CEO Polarcus, said: "This is a positive LOI for Polarcus and we believe a testament to the strong operational performance of our fleet for TGS on both the recent project in the US and current program in Norway. We appreciate the trust being shown by TGS in our ability to deliver operational
Polarcus Revenues Down in ‘Uncertain Market’
cost of sales were $68.7 million, down 13 percent from same quarter the previous year. Polarcus reported improved liquidity position by $59 million following an amendment agreement with the banks, as well as an extension of maturity of the $125 million convertible bond by two years to 2018. Rod Starr, Polarcus’ chief executive officer, said, "The current market environment can be best described as uncertain, as oil companies have continued to reduce or defer spending commitments making for a highly competitive landscape. In response, we have stayed true to the 2015 Agenda I announced
Polarcus Appoints Starr as Next CEO
Rod Starr will succeed Rolf Ronningen as Polarcus' next chief executive officer. Following a comprehensive selection process, Polarcus Limited’s board of directors has chosen Rod Starr to succeed Rolf Ronningen as chief executive officer. Ronningen, who informed the board of his planned retirement in 2014, will continue as CEO until Rod takes up his appointment, expected early Q1 2015. Starr joins Polarcus from TGS-NOPEC Geophysical Company. He has over 30 years industry experience, starting his career with Unocal where he spent 16 years in various planning and financial roles
February 2024
