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30 December 2018

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Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) announces that an early redelivery option has been agreed with the charterers of the VYACHESLAV TIKHONOV , originally named POLARCUS SELMA. The vessel has been on bareboat charter to Sovcomflot (“SCF”) since delivery from yard in 2011. The current charter period will expire in October 2019.

SCF has negotiated an option to redeliver the vessel on no less than 30 days’ notice without penalty provided that the substantive service agreement for the 4D project in the Far East is executed and performed (see Company announcement dated 24 December 2018). Reciprocally, the Polarcus subsidiary owning the vessel has negotiated a call option for redelivery of the vessel on 30 days’ notice (subject to availability).

Meanwhile Polarcus has been awarded an XArray marine seismic acquisition project in West Africa. The project will commence in the first quarter of 2019 with an approximate duration of two months.

Above images of the vessel at Bunkering Area 4 back to 4th March, 2015

Photos by Capt. Lawrence Dalli. Do not use these images without my permission. © All rights reserved. Malta Ship Photos & Action Photos – www.maltashipphotos.com

All Photographs with others in archives are AGAINST PAYMENT so feel free to email us with your requirements.

Watermarked Photos are by Capt. Lawrence Dalli otherwise stated. NO PHOTOS can be used or manipulated without our permission.
© All rights reserved. Malta Ship Photos & Action Photos – www.maltashipphotos.com