Finance and InsuranceMiddle EastOffshore

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.


  1. I just read on another maritime trade journal that Polarcus is winding down, operations ceased, all employees terminated. I hope someone else picks up at least some of the vessels and employees – perhaps Fugro?

Back to top button