Polarcus Limited announces the release of its second quarter 2011 financial statements.
In the second quarter 2011 Polarcus has focused on strengthening the Company’s operations, backlog and balance sheet. Revenues for the second quarter are significantly higher compared to the same quarter last year due to the expansion of the Polarcus fleet by three vessels over the interim period. EBITDA margin of 25.4% in the second quarter 2011 is likewise up from 18.5% versus the same quarter last year.
Rolf Ronningen, CEO Polarcus , commented: “As a consequence of the technical improvement plan announced in the first quarter we have seen a much improved performance and lower technical downtime across the fleet despite some continuing severe weather in the early part of the quarter. The subsequent announcement of our first 3D and 4D contracts for a Supermajor is a very welcome endorsement of our technical competiveness in the marketplace. Last but not least the USD 410 million bank loan facility announced on 21 July will significantly strengthen our balance sheet and improve our financial health at this important juncture in our growth.”
Highlights in the second quarter 2011:
Subsequent important events:
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Source: Polarcus, July 26, 2011