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Oslo-listed seismic surveyor Polarcus has defaulted on its bank loans and bonds, it said on Tuesday, sending the company's shares plunging more than 30%.

Oslo-listed seismic surveyor Polarcus has defaulted on its bank loans and bonds, it said on Tuesday, sending the company's shares plunging more than 30%. Polarcus and other seismic surveyors have been hit by weak demand as oil companies slash spending on geological data amid the coronavirus pandemic and last year's crash in the price of crude. "The company intends to pursue all available options with a view to ensuring the financial sustainability of the company and in the meantime will halt all payments of interest and amortization to finance providers," it said in a statement. The company...

Share this article OSLO, Jan 26 (Reuters) – Lenders took control of Polarcus’s ships on Tuesday after the seismic surveyor defaulted on its bank loans and bonds, hit by a drop in spending by energy companies struggling with the COVID-19 pandemic and volatile oil prices. The company’s Oslo-listed shares plunged as much as 47% after they resumed trading following an earlier suspension. Polarcus said lenders had taken over shares in subsidiaries that own seismic vessels and replaced directors in each subsidiary, but wanted to continue its operations. “In parallel with their actions des...

Article content OSLO — Oslo-listed seismic surveyor Polarcus has defaulted on its bank loans and bonds, it said on Tuesday, sending the company’s shares plunging more than 30%. Polarcus and other seismic surveyors have been hit by weak demand as oil companies slash spending on geological data amid the coronavirus pandemic and last year’s crash in the price of crude. We apologize, but this video has failed to load. Try refreshing your browser, or Seismic surveyor Polarcus defaults on debt, shares plunge Back to video “The company intends to pursue all available options with a view to...