Turning heads Letter from the Chairman
Dear Polarcus shareholders, Polarcus has turned a few heads in the first year! We set out with the revolutionary idea of building a seismic company that could combine operational and geophysical excellence with a strong ethos of corporate responsibility for the world around us, and at the same time challenging others in our industry to follow suit. We also aspired to build a company with a positive environment where employees would feel respected and excited to come to work every day, motivated by a realization that they could make a real difference. We believe that in our first year we have indeed come a long way in building the necessary foundations for that vision and we continue to live by our ‘core values’: responsible people drive innovative performance which generates excellence for all. This is in fact exactly what took place in 2008 as we launched the company and commenced construction of six ultra-modern 3D seismic research vessels with their unique and characteristic design features.
Following our focus on innovation and excellence, our financial results were also impressive in the context of a very challenging year in the financial markets. During 2008, we managed to raise USD 542 million to finance our ongoing construction. Further financing will be required during 2009. As we enter our second year, we remain committed to our vision to responsibly expand the frontiers of seismic exploration without harm to our world. We also remain dedicated to delivering excellence in everything we do.
le ss “t he futu re of Pol a rcu s will be n o g“ re m a rk a ble th a n ou r beg in ni n
At the heart of our company is our conviction that the seismic business is fundamentally one of customer service. As such, our people work hard to exceed expectations in everything they do. Our job is to ‘‘get it right’’ every step of the way, from the construction of the vessels overseen by our skilled project team at Drydocks World - Dubai, to an efficient sales process and the successful execution of the job by our operations teams. Not surprisingly, our company promotes an ethic of leadership in all that we do based on the following five leadership principles: Treat Your People Right, Communicate with Your Team, Inspire Greatness in Others, Encourage Initiative & Innovation and Do the Right Thing. Our culture will be vital to our success in taking care of our employees and customers. As we continue to grow we will further sharpen our focus on strengthening the company culture, as we work to keep the feel of our company small yet highly responsive to our customers’ needs. We are determined to become better as we become bigger.
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We know that we cannot take our accomplishments for granted. We will continue to do all that has made us successful in the past while remaining focused on meeting our milestone targets for 2009 and delivering results that will ensure our future success. After all, ours is not just a story about 2008; it’s a story about delivering real value each and every day, for a long time to come. Our aim is to exceed the extraordinary standards we have set so that the future of Polarcus will be no less remarkable than our beginning. We believe we can keep turning heads in our industry for many years to come. On behalf of our dedicated Polarcus employees, we thank you for your continued interest in and support of Polarcus. Sincerely Peter M. Rigg Chairman