Polarcus charters newbuild to SCF GEO

Dubai-based offshore seismic specialist Polarcus has announce that one of its Norwegian subsidiaries has entered into an agreement with SCF GEO, an affiliate company of Sovcomflot, for the bareboat charter of a newbuild seismic vessel.

The fixed period of the charter, which will commence upon deliver in March, will be five and a half years with options to extend for up to four additional months.

The charter will generate $72m minimum over the fixed charter period. SCF GEO will have the right to purchase the vessel at any time during the charter at pre-agreed prices.

Following delivery of the vessel to Sovcomflot, the Polarcus Group will have two vessels on long-term bareboat charter with a total fixed backlog of $110m and no associated operating costs.

“Securing this long-term revenue stream is testament to the company’s ability to adapt to the current environment. As well as strengthening Polarcus’ backlog and cash flow profile, this vessel commitment generates healthy tension in our current vessel schedule,” said Duncan Eley, COO of Polarcus.