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Polarcus makes amendment to financing of vessel

Oilfield Technology,

Polarcus Limited has entered into an addendum to the sale and lease-back financing arrangements dated 30 June 2008 for the Polarcus Naila vessel.

The parties to the arrangement have agreed to increase the charter hire under the terms of the bareboat charter by US$ 8600 per day effective from 15 July 2014 as a consequence of the owner of the vessel, GSH2 Seismic Carrier I AS, financing the US$ 20 million propulsion and productivity enhancement of the vessel.

The increased rate reflects an interest rate of 7.1% per annum on an annuity repayment basis of 8.5 years.

In case the purchase option is exercised, any outstanding amount under the new arrangement is payable together with the earlier agreed purchase option price.

Adapted from press release by Katie Woodward

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