Polarcus lenders withdraw support, fleet sell-off imminent

Troubled Dubai-headquartered seismic shipowner Polarcus has been told by creditors that enough is enough. All bar one of Polarcus’s ships will now be brought into anchorage and readied for sale. A raft of redundancies are about to be initiated.

Lenders have made clear that they remain open to discuss a standstill period in relation to their remaining claims and collateral with the view of finding a solution which would allow the continued operation of survey vessel Vyacheslav Tikhonov, owned by Polarcus Selma, a subsidiary of the company.

Splash reported last week that Polarcus had halted all payment of interest and amortisation to its lenders after confirming a payment default under its working capital facility.