Polarcus restructuring and halting interest payments

摘要

Polarcus Ltd has halted interest payments and is hoping to restructure its balance sheet. In line with the company's '2015 Agenda', the seismic company has undertaken a number of measures to improve its financial situation over the last 12 months. Sales functions have been restructured, and the company's cost base has been significantly reduced. These efforts together with strong operating performance of the vessels has enabled the company to gain market share in a difficult market and achieve a position where the operations are cash positive before debt service.