Polarcus Limited, a UAE-based seismic acquisition specialist, has today entered into an addendum to the sale and lease-back financing arrangements dated 30 June 2008 for Polarcus Nadia and Polarcus Naila.
The parties to the arrangement have agreed to amend the charter hire and call options under the terms of the bareboat charter. The current rate of USD 35,000 per day per vessel will be adjusted to USD 32,650 per day for a period of three months commencing from 01 July 2013 for Polarcus Nadia and from 01 August for Polarcus Naila.
Thereafter the rate will further reduce to USD 31,500 per day for a period of four years commencing from 01 October 2013 for Polarcus Nadia and from 01 November 2013 for Polarcus Naila. The call options have been correspondingly relinquished for a period of three years starting from the same dates.