Page 14 - EurOil Week 26 2021

EurOil PROJECTS & COMPANIES EurOil

Polarcus heads into

liquidation

NORWAY NORWEGIAN seismic research firm Polarcus all employees.
is going into liquidation, after booking steep In late April, Polarcus’ rival Shearwater Geo-
Polarcus’s winding losses last year amid a slump in global explora- Services said it had struck a deal to take over the
down comes after tion spending. former’s vessels. It will acquire six seismic acqui-
lenders seized its In a statement on June 25, Polarcus said it sition vessels for $127.5mn and seismic equip-
vessels in January. would be wound down and delisted from the ment for $50mn. The transaction was funded
Oslo stock exchange, following an order by the through a $107.5mn loan facility provided by
Grand Court of the Cayman Islands. The pro- DNB and GIEK and a $85mn convertible loan
cess will be overseen by two liquidators from FTI from Rasmussengruppen.
London. Polarcus’ shareholders will receive nothing
Polarcus’ winding down comes after lenders from the liquidation.
seized its vessels in January after the company “In view of the insolvency of the company,
defaulted on its debts. Its management had there will not be any return from the liquida-
hoped at the time that the company would be tion to the company’s shareholders,” Polarcus
able to continue operating for some period in said. “Accordingly, there will be no further
order to work on its $130mn backlog of pro- announcements to update the company’s
jects. Instead, the lenders restructured its debts shareholders on the progress of the official
and decided to sell Polarcus’ vessels and let go liquidation.” ™

NEWS IN BRIEF

Neste restarts Porvoo oil same months of 2020, statistics from the two days earlier this month because of
Flows to Slovakia were halted for
BAFA foreign trade office showed.
refinery in Finland after oil imports in the period, followed by 21.9% consumer technical problems. The oil supply
Russia accounted for 35.5% of Germany’s
to Slovakia will resume later on June 25,
turnaround from the British and Norwegian North Transneft said.
Sea, while imports from members of the
Finland’s Neste NESTE.HE said last week Organization of the Petroleum Exporting
it had completed a major maintenance Countries (OPEC) contributed 15.0%. Repsol Sinopec extends
turnaround at its Porvoo oil refinery in The rest was shared among other sources,
Finland and that production had started, including the United States. Bleo Holm FPSO charter until
Reuters reported.. Germany spent 9.2 billion euros ($10.98
The refinery has a capacity to process billion) on crude imports in the period, 5.7% 2024 end
200,000 barrels per day of oil. more than a year earlier, reflecting demand-
“During the major turnaround, we led oil price gains this year that have driven FPSO specialist Bluewater has secured
also executed preparatory measures for current levels to their highest since October a contract extension for its Bleo Holm
the processing of renewable and circular 2018. FPSO with Repsol Sinopec Resources
raw materials at the Porvoo refinery,” Jori Average oil prices paid for each tonne at UK Limited and its JV Partner RockRose
Sahlsten, vice president for production at the the German border in January-April were Energy.
refinery, was quoted as saying.. 18.0% up from a year earlier at 372.11 euros The FPSO, deployed in the UK, will
($444.19), BAFA said. see the contract extended until December
31, 2024. Repsol Sinopec will have further
Germany’s Jan-April oil Russian oil flows to options to extend the charter.
The Bleo Holm FPSO is located in
imports drop by 10.8% year Slovakia via Druzhba UKCS Block 13/28a on the Blake and Ross
Fields, 116 km northeast of Aberdeen,
on year since 1999.
José Luis Muñoz, Repsol Sinopec
German crude oil imports in January pipeline halted, to resume CEO said: “I am very pleased that this
through April fell 10.8% year on year as the on June 25 contract has been extended. In alignment
COVID-19 pandemic and related lockdowns with the Oil & Gas Authority’s MER UK
hit industry but year-on-year losses were Russian oil flows to Slovakia via the Druzhba Strategy this is a clear demonstration of
lower than in January-March as the economy pipeline were stopped on June 25 after our commitment to the North Sea and
started to improve, official data showed, repairs were made on the Ukrainian section is a timely development to encourage
Reuters has reported. of the pipeline, the TASS news agency cited further investment, increase production
Oil volumes in the four months fell to Russian pipeline monopoly Transneft (as and facilitate life extension for the area,
24.8 million tonnes from 27.8 million in the saying. all while remaining focussed on emissions

P14 www. NEWSBASE .com Week 26 01•July•2021