reports
- Jon Masdal
US GoM round back on calendar
Following the legal battle and indications last week that a US GoM licensing round was moving forward, the US Department of the Interior announced yesterday that it intends to hold licensing round 257 this autumn, with all regular US GoM acreage included. We believe that uncertainty on future rounds has hampered multi-client sales in the US for the seismic companies, and see this development as a positive. Out of our coverage, TGS has the highest US exposure, although the main contributor to the...
- Jon Masdal
- Martin Huseby Karlsen
More detail on licensing round
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...
1Q6 PROSAFE S.E.
PGS PGS ASA
DOF DOF ASA
SOC SUBSEA 7 S.A.
SDRL SEADRILL LTD
BWO BW OFFSHORE
PLCS POLARCUS LIMITED
ARCHERO ARCHER
AKER AKER ASA CLASS A
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
E65F VALARIS PLC CLASS A
KVAER KVAERNER ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
TEC TECHNIPFMC PLC
SHLF SHELF DRILLING
CGG CGG
NODL NORTHERN DRILLING
A2JAU0 BORR DRILLING
AWDR AWILCO DRILLING
DRLCO MAERSK DRILLING
NE NOBLE
MSEIS MAGSEIS FAIRFIELD
- Martin Huseby Karlsen
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...
1Q6 PROSAFE S.E.
PGS PGS ASA
DOF DOF ASA
SOC SUBSEA 7 S.A.
SDRL SEADRILL LTD
BWO BW OFFSHORE
PLCS POLARCUS LIMITED
ARCHERO ARCHER
AKER AKER ASA CLASS A
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
E65F VALARIS PLC CLASS A
KVAER KVAERNER ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
TEC TECHNIPFMC PLC
SHLF SHELF DRILLING
CGG CGG
NODL NORTHERN DRILLING
A2JAU0 BORR DRILLING
AWDR AWILCO DRILLING
DRLCO MAERSK DRILLING
NE NOBLE
MSEIS MAGSEIS FAIRFIELD
- Jon Masdal
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.
Polarcus: Summons to Bondholders of a Proposed Written Resolution
Polarcus: Summons to Bondholders of a Proposed Written Resolution Polarcus Limited (in provisional liquidation) (“Polarcus” or the “Company”) (OSE: PLCS) announces that Nordic Trustee AS (the “Bond Trustee”) has issued a Summons to Bondholders of a proposed written resolution in the following Bond Issues (the “Bond Issues”) pursuant to a request from the Company (the “Summons”). ISIN NO0010607435: 2.875% Polarcus Limited Secured Convertible Bond Issue 2011/2022 (A Bonds) ISIN NO0010757263: 0% Polarcus Limited Secured Convertible Bond Issue 2016/2025 (B Bonds) I...
Polarcus: Joint Provisional Liquidators’ report to Grand Court of the ...
Polarcus: Joint Provisional Liquidators’ report to Grand Court of the Cayman Islands Polarcus Limited (in provisional liquidation) (“Polarcus” or the “Company”) (OSE: PLCS) refers to the announcement issued on 11 March 2021 (Polarcus: Share Suspension) that the Joint Provisional Liquidators (“JPLs”) to the Company were required to submit a report to the Grand Court of the Cayman Islands (“Court”) by no later than 31 March 2021. The JPLs’ first report has now been filed at the Court. The report summarises the work undertaken since the JPLs’ appointment on 8 February 2021, provides an estim...
- Haakon Amundsen
- John Olaisen
Polarcus: Share Suspension
Polarcus: Share Suspension Polarcus Limited (in provisional liquidation) (“Polarcus” or the “Company”) (OSE: PLCS) refers to the suspension of trading in the Polarcus share announced on 9 March 2021 and to the order (“Order”) of the Grand Court of the Cayman Islands (“Court”) appointing named individuals as Joint Provisional Liquidators (“JPLs”) of the Company (see: announcement dated 9 February 2021, Polarcus: Appointment of Joint Provisional Liquidators). The Order requires the JPLs to submit a report to the Court by no later than 31 March 2021. The JPLs have informed the directors of t...
Polarcus: Project Termination
Polarcus: Project Termination Polarcus Limited (in provisional liquidation) (“Polarcus” or the “Company”) (OSE: PLCS) refers to the announcement issued on 10 July 2020 announcing an award of a project in Asia Pacific. Due to the events and actions described in the Company’s announcements dated 2 February 2021 (Polarcus: Lenders Withdraw Support of Ongoing Vessel Operations) and 26 January 2021 (Polarcus Addressing Long Term Financing Structure Following Financial Default), the assigned vessel to this project has not been made available to the Polarcus Group and an alternative vessel ...
Polarcus: Appointment of Joint Provisional Liquidators
Polarcus: Appointment of Joint Provisional Liquidators Polarcus Limited (in provisional liquidation) (“Polarcus” or the “Company”) (OSE: PLCS) refers to the announcements made on 26 January 2021 (Polarcus Addressing Long Term Financing Structure Following Financial Default and Polarcus: Notices Of Enforcement) and on 2 February 2021 (Polarcus: Lenders Withdraw Support Of Ongoing Vessel Operations). Capitalized terms in this announcement have the same meaning as given in those announcements. Throughout the above-referenced period, the Board has continued to have regard to the developing fin...
Polarcus: Lenders withdraw support of ongoing vessel operations
Polarcus: Lenders withdraw support of ongoing vessel operations Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) refers to the announcements issued on 26 January 2021 concerning the enforcement of share pledges over the Former Subsidiaries. Capitalized terms in this announcement have the same meaning as given in those announcements. Since the earlier announcements, the Company has been in continuous dialogue with the Lenders and the new managers of the Former Subsidiaries (“New Managers”). The Company’s objective of those discussions has been to ensure the safety of current vesse...
Polarcus: Notices of enforcement
Polarcus: Notices of enforcement Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) refers to the announcement issued earlier on 26 January 2021 (Polarcus Addressing Long Term Financing Structure Following Financial Default). During trading hours today, Polarcus Asima AS, Polarcus Alima AS, Polarcus Amani AS, Polarcus Adira AS, Polarcus Nadia AS, Polarcus Naila AS and Polarcus Shipholding AS (collectively, the “Former Subsidiaries”) each received default and enforcement notices sent on behalf of the bank lenders (“Lenders”) under bank facility agreements of which the Former Subsidi...
Polarcus Addressing Long Term Financing Structure Following Financial ...
Polarcus Addressing Long Term Financing Structure Following Financial Default Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) has confirmed to the relevant Finance Parties a payment default under its Working Capital Facility Agreement. 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. In light of the sustained economic challenges globally, the Company has been in detailed discussions with its bank lenders, (the “Len...
- Jon Masdal
Could be the end of an era
Yesterday, news reports emerged suggesting that the Biden administration will move forward with the ban of leases on federal land as early as next week. The reports also suggested that it could block offshore oil and gas leasing, which could hit seismic demand overnight, although this is still subject to uncertainty. Out of our coverage, TGS has the highest exposure to the US, and would likely be hit the most. Although this should have a limited immediate impact on the oil market, we see it as a...
- Haakon Amundsen
- John Olaisen
- Karl Fredrik Schjøtt-Pedersen
- Lukas Daul
EQNR EQUINOR ASA
NOR NORWEGIAN ENERGY CO. ASA
AKAST AKASTOR ASA
PGS PGS ASA
KOG KONGSBERG GRUPPEN ASA
SOC SUBSEA 7 S.A.
LUNE LUNDIN ENERGY AB
PLCS POLARCUS LIMITED
OCY OCEAN YIELD ASA
FRO FRONTLINE LTD.
ARCHERO ARCHER
AKER AKER ASA CLASS A
DNO DNO ASA CLASS A
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
AWDR AWILCO DRILLING
SDRL SEADRILL LTD.
DRLCO DRILLING COMPANY OF 1972
BORR BORR DRILLING
MSEIS MAGSEIS FAIRFIELD
NODL NORTHERN DRILLING
- Haakon Amundsen
- John Olaisen
Polarcus vessel utilization for Q4 and Full Year 2020
Polarcus vessel utilization for Q4 and Full Year 2020 Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) announces the Company’s fourth quarter and full year 2020 vessel utilization as follows: Q4 2020Q4 2019FY 2020FY2019Utilization65%71%61%79%By category Contract Seismic65%64%59%77%Multi-Client0%7%2%2%Transit9%13%9%13%Yard0%11%0%5%Standby26%5%30%3% Polarcus Nadia and Polarcus Amani are excluded from vessel utilization subsequent to stacking in April 2015 and September 2020 respectively. The Company will release its fourth quarter 2020 report on 24 February 2021 at approximate...
Polarcus awarded 3D Project in Asia Pacific
Polarcus awarded 3D Project in Asia Pacific Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) announces that a letter of award has been received for providing 3D seismic data acquisition services in Asia Pacific. The project has an expected duration of 2.5 months and is scheduled to commence in Q1 2021, subject to relevant approvals. Contacts Hans-Peter Burlid, CFO 5 Lars Oestergaard, COO 4 About PolarcusPolarcus (OSE: PLCS) is a focused geophysical service provider of safe and environmentally responsible marine acquisition services globally...
Polarcus secures 4D project in the Far East
Polarcus secures 4D project in the Far East Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) is pleased to announce a memorandum of agreement has been entered into with SCF GEO, a company in the Sovcomflot group to provide 4D marine seismic acquisition services in the Far East for a major E&P company. The program requires one Polarcus ICE-1A class vessel and will commence in Q2 2021, running for approximately 3 months. Contractual arrangements and associated third party approvals are expected to be finalized before end January 2021. Contacts Hans-Pet...
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