Polarcus takes streamer package off bankrupt Dolphin

Polarcus takes streamer package off bankrupt Dolphin

Dubai-based seismic operator Polarcus has purchased a complete marine seismic in-sea acquisition system from bankrupt Dolphin Geophysical.

Polarcus purchased the package, comprising twelve 8100m active streamers and all peripheral equipment, for a price of $11.5m. The purchase is partly financed via a $8m loan.

The acquisition provides Polarcus its planned seismic capital expenditure requirements for the next three years, and is part of the company’s existing capex budget for 2016.

Dolphin Geophysical filed for bankruptcy in December 2015.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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