The Olso-based seismic survey company, Polarcus, has announced that it will cease all operations and terminate all staff after it lost lender support.
Polarcus, the seismic-survey shipping company, has lost its financial support after lenders took control of the company’s ships last month. In a press release, the company said it will be terminating all staff and cease all of its operations.
The company has been hit by a drop in spending by the energy sector, as many companies struggle with the pandemic and volatile energy prices.
And in January, the company announced that its vessel-owning subsidiaries had each received default and enforcement notices, and the lenders had replaced the directors at each subsidiary with their own nominee with a view to keeping the company in operation.
However, in the company’s latest statement, Polarcus now says it is unable to continue to trade. Polarcus said: “In light of these circumstances and given their impact on the Group’s financial position, notice of termination of employment will shortly be issued to all Group employees.”