Thursday 25 June 2020

Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) refers to its announcement dated 14 January 2020 regarding the scheduled redelivery of “Vyacheslav Tikhonov” (the “Vessel”).

The Vessel has completed the earlier referenced project in Asia. In light of further project opportunities, the charterers, Sovcomflot, have withdrawn their notice of redelivery. Polarcus will not receive charter hire from 31 May 2020 until startup of a new project anticipated to commence in Q3 2020. Redelivery of the Vessel is now expected to be following completion of the new project, or alternatively, on short notice if no project is awarded for the Vessel in the summer season.