PLCS Polarcus Limited

Notice Of 2020 Annual General Meeting

Notice Of 2020 Annual General Meeting

Notice is hereby given that the Annual General Meeting of Polarcus Limited (OSE: PLCS) will be held on 29 April 2020 by webcast hosted from Dubai at 16:00 hrs GST (14:00 hrs CEST).

The Notice of Annual General Meeting and enclosures including a Shareholder Proxy Form is attached.

 

Contacts

Caleb Raywood, Company Secretary



Hans-Peter Burlid, CFO

5

 

About Polarcus



Polarcus (OSE: PLCS) is a focused geophysical service provider of safe and environmentally responsible marine acquisition services globally. Our geophysical offering is driven by innovation and collaboration to provide clients with better seismic data faster. Polarcus operates a fleet of high performance seismic vessels with 3D and 4D imaging capabilities, which incorporate leading-edge technologies for improved environmental performance and operational efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced priority processing solutions including Cirrus, a suite of cloud-based applications and services designed to bring clients closer to acquired seismic data, enabling faster and better informed exploration decisions. The Company services its clients globally from its head office in Dubai and regional offices located in Houston, London, Singapore and delivers Group asset management services from Oslo. For more information, visit

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

Attachment

EN
14/04/2020

Underlying

PLCSPolarcus Limited

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Reports on Polarcus Limited

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Ahead of the white paper on Friday, the government provided more details on offshore wind development in Norway. The bottom-fixed areas will be developed without state-aid, and awards will follow an auction in early 2022. Floating areas will be awarded on qualitative criteria and receive government support (level not yet decided). Both areas will be split into 2–3 licences, which will allow multiple consortiums to be awarded. While we believe the planned sizes (in GW) allow for critical mass, th...

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Crowded and high-profile in Norway

The initial licensing rounds for offshore wind acreage in Norway are lining up to be competitive, with several high-profile local companies/consortiums already having announced their intention to participate. In addition, we would expect traditional renewables producers and international E&P companies to take part. Currently there is limited clarity on how the licensing process will work, but more details are expected in a government white paper (‘Stortingsmelding’) on 11 June. Although the winn...

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And then there were two

We believe Shearwater’s acquiring the former Polarcus vessels was the best outcome for the industry. We expect a disciplined approach to future capacity additions; however, with a low-cost offering and more optimal fleet size, we believe Shearwater will gain market share from PGS.

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