Polarcus Limited 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 Subsidiaries are obligors (the “Facility Agreements”). The Former Subsidiaries are the owners of the seismic vessels which bear the company name. The Lenders have enforced share pledges over the Former Subsidiaries, transferring all issued shares in each Former Subsidiary to a company controlled by the Lenders and which sits outside of the Polarcus Group. The Lenders have also replaced the directors of each Former Subsidiary with a nominee of their own.
In parallel with their actions described above, the Lenders have made it clear to the Company that their intention is not to jeopardise or destabilize the Polarcus organization. The Lenders have intentionally not made any demand for payment from guarantors of the Facility Agreements (including the Company) nor have the Lenders sought to enforce any other collateral which they hold (though the Lenders reserve their rights to do so). The Lenders have confirmed that they are open to entering into a standstill period which will allow continued operations and awarded projects to be undertaken without disruption and discussions are underway in this regard.
The Company remains committed to solving its long-term financing requirements in a manner which satisfies the Lenders and other stakeholders’ requirements.
Source: Polarcus
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