Polarcus Annual Report 2017

Letter from the Chairman

Dear fellow shareholder,

We have learned to remain ever cautious about the imme- diate future of our industry. However it is fair to say there are at last some signs of brighter days ahead. Undoubt- edly, the oil price remains a leading indicator of how our customers will invest. Following almost six months of a rel-atively stable oil price that is north of USD 60, we see that confidence is slowly returning to the broader industry andthat interest in exploration is gradually increasing.

As a leading player in the marine seismic industry, Polar- cus has once again demonstrated resilience, and adapt- ability, even in these most challenging of market condi- tions. Contrary to some earlier predictions, 2017 provedto be a flat year for an already struggling industry. Despitethese harsh circumstances, Polarcus managed to secure work and further streamlined its organization to meet the new reality. Our industry-leading cost base was es- tablished early in the downturn without compromising the performance and service quality which we deliver to the industry's most established and demanding clients. We achieved solid utilization of our vessels throughoutthe year with safety and efficiency at the forefront of ouroffering of top tier geophysical services.

At the beginning of 2018, we successfully launched a pri-vate placement and comprehensive financial restructur-ing which has put the Company on a solid financial footing.Thanks to the ongoing support of its bondholders and its new and existing shareholders, and to the continuing con-fidence of its lenders, your company now has a debt ser-vice runway through to 2022, and significantly improvedliquidity. Polarcus is well positioned to capitalize on im- provements in the market and on any re-shaping of the seismic industry.

After almost ten years as Chairman of Polarcus, I plan to retire at this year's AGM. It has been a privilege to work with the Polarcus Board, the company's top rate and hard working management team and its loyal, skilled and com- mitted employees. After a diligent search I believe the company's Nomination Committee has recommended afirst class candidate who is uniquely qualified to take thecompany forward and I wish him, and all at Polarcus, every success.

Polarcus' financial stakeholders, suppliers, customers andemployees have continued to support the company and the vision it represents. It has required a lot of patiencebut I have every confidence that their patience will be re- warded.

Peter Rigg



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