Polarcus seismic project comes to the end
Polarcus, a Dubai-based offshore survey agency, has reported that the client has terminated a contract for providing 3D seismic data acquisition services in Asia Pacific after the company's fleet was seized by lenders.
Polarcus claimed that the project's assigned vessel was not made available to the company, and that an alternate vessel could not be identified.
As a result, the client has terminated the contract and claimed that it intends to claim damages from the related Polarcus subsidiary.
Polarcus' lenders pulled their funding in February, and all of the company's ships were brought into port and prepared for auction, while liquidators from London and the Cayman Islands were appointed to oversee the company's final weeks and months.
Maritime Business World