The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Mining / Quarrying Mining And Quarrying Mining Support Service Activities 09.10 - Support activities for petroleum and natural gas extraction
324 jobs Number of planned job losses
Announcement Date
2 February 2021
Employment effect (start)
2 March 2021
Foreseen end date
30 April 2021
Description
Petroleum services company Polarcus is dismissing all its employees and selling its fleet of seismic vessels, as its lenders have withdrawn support of continued operations after the company defaulted on its loans. The dismissals follow a period of uncertainty and cost reduction efforts in the company due to the combined impacts of the COVID-19 pandemic and oil price volatility. Polarcus stated it would continue to cooperate with lenders to seek a standstill period and to bring current operations to an end smoothly, while also stating that notice of termination of employment ‘will shortly be issued to all the Group employees’. At the end of 2019, the company was employing 324 staff. On 1st March 2021, Polarcus announced that a client in Asia Pacific terminated a project contract and intended to sue the relevant Polarcus subsidiaries for damages. At the end of April, Shearwater GeoServices announced that the company was buying seismic equipment and six ships from Polarcus for 177.5 million dollars. On 4 May, the entire Polarcus board resigned and the company is now in provisional liquidation.
Eurofound (2021), Polarcus, Bankruptcy in Norway, factsheet number 103697, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/103697.
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