Polarcus Ltd. refers to its announcement dated March 25, 2019 describing the exercise of an option to redeliver Vyacheslav Tikhonov by Sovcomflot under the bareboat charter and to its announcement dated June 3, 2019 confirming an award of a wide-azimuth project in the Americas.
A subsidiary of Polarcus has chartered Vyacheslav Tikhonov on commercial terms with the intention that the vessel works as a source vessel on the referenced wide-azimuth program expected to continue into fourth-quarter 2019.
Accordingly, Sovcomflot has withdrawn its notice of redelivery and exercised an option to extend the bareboat charter period of hire for two years (until October 2021, with further options). Both parties have redelivery options during the extended hire period with Sovcomflot’s first redelivery option being exercisable with effect from completion of the ‘charter-back’ for the wide-azimuth program. Unless the vessel is redelivered at that time, the bareboat charter revenue generated by the vessel is then expected to contribute to the company’s positive financial performance.
Recommended Reading
Permian’s LandBridge Prices IPO Below Range at $17/Share, Raising $247MM
2024-06-30 - Houston-based LandBridge, which manages some 220,000 surface acres in the Permian Basin, kicked off trading at $19 per share, more than 10% above its listing price.
LandBridge Chair: In-basin Data Centers Coming for Permian NatGas
2024-06-28 - Newly public Delaware Basin surface-owner LandBridge Co. has a 100-year lease agreement with one developer that could result in ground-breaking in two years and 1 GW in demand.
BPX’s Koontz: The Rise of a Shale Man
2024-07-02 - CEO Kyle Koontz takes the reins of BPX Energy’s rapid onshore growth amid big changes at BP.
CrownRock Offloads Oxy Shares Two Weeks After Closing $12B Deal
2024-08-15 - Underwriters of the offering agreed to purchase CrownRock’s Occidental stock at $58.15 per share, which will result in approximately $1.719 billion in proceeds before expenses.
ISS, Glass Lewis Push Crescent, SilverBow Shareholders to Vote for Merger
2024-07-19 - Proxy Advisory firms Institutional Shareholder Services and Glass Lewis also recommend that Crescent Energy shareholders vote for the approval of the issuance of shares on Crescent Class A common stock.