Seismic firm Polarcus faces liquidation
Oslo-listed seismic firm Polarcus is set for liquidation, following an order made by the Grand Court of the Cayman Islands, the company said on June 24.
The company will be wound down and delisted from the Oslo stock exchange, with the process overseen by liquidators from FTI London.
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Polarcus has come to its end five months after lenders took control of the company's vessels after it defaulted on its debts. They then decided to sell the vessels and let go all employees.
The company's earnings collapsed last year as a result of the pandemic and the resulting slump in oil prices, which led operators to slash their exploration budgets.