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Polarcus Ltd
Almas Tower
Level 32, Jumeirah Lakes Towers,
Phone: +971 44360800p:+971 44360800 DUBAI, United Arab Emirates Ticker: PLCSPLCS

Filed for Reorganization Proceedings on 2/8/2021
On 2/8/2021, the Grand Cayman Court appointed David Griffin, Andrew Morrison, and Lisa Rickelton as Joint Provisional Liquidators ("JPLs") of Polarcus Ltd. The JPLs are specifically authorized by the Court to take all necessary steps to develop and propose a restructuring of the Company's financial indebtedness with a view to making a compromise or arrangement with the Company's creditors or any class thereof. The Board retains all powers of management conferred on it by the Order, subject to the appropriate and necessary oversight and monitoring of the JPLs as regards the exercise of such powers. The Board and the boards of directors of the Company’s subsidiary entities will continue, working alongside the JPLs as appropriate, to engage with the creditors, employees, other stakeholders and third parties in relation to the business and operations of the Polarcus group.
This company is no longer actively traded on any major stock exchange.

Business Summary
Polarcus Ltd is a United Arab Emirates-based marine geophysical company that specializes in towed streamer data acquisition from Pole to Pole. The Company operates in two business segments: the Marine segment, which offers a range of services from classic three-dimensional/four dimensional (3D/4D) seismic, wide and multi- client projects, Arctic frontier operations, to its own wide tow First Pass operations, and the Other segment includes bareboat charter and management services. The Company has seven (3D) vessels, including Polarcus Nadia, Polarcus Naila, Polarcus Asima, Polarcus Alima, Polarcus Amani, Polarcus Adira and Vyacheslav Tikhonov. The Company operates through regional marketing offices located in Houston, the United States; London, the United Kingdom, and Singapore.
(Source: Company's Website)

Scores and Ratings
FRISK®
Score
Z''
Score
PAYCE®
Score
DBT
Index
Moody's
Rating
Fitch
Rating
DBRS
Rating
-Yes-----

Financials, News and Filings
Latest
Statement
Last
Audit

News
SEC
Filings
Bankruptcy
Filings
Suit &
Judgment
Filings
Tax
Lien
Filings
9/30/202012/31/2019Yes----

Industries
SIC Code Description
8713 Surveying services
4412 Deep sea foreign transportation of freight

Officers and Directors

Title

Name

Age
Title
Date
Start
Date
Chairman of the Board MichaelMannering 5/10/2018 5/10/2018
Chief Executive Officer DuncanEley 45 3/17/2017
Chief Financial Officer Hans P.Burlid 3/1/2016
10 additional Officers and Directors records available in full report.

Business Names
Business Name
0M14
29P
PLCS
PLCSB
Polarcus Ltd

General Information
Number of Employees: 324 (As of 12/31/2019)
Outstanding Shares: 517,705,123 (As of 9/30/2020)
Shareholders: 2,175
Stock Exchange: OSL
Fax Number: +971 44360808


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Sunday, December 31, 2023