Dubai shipping company Polarcus' banks have wasted no time in taking over its seismic survey vessel fleet after the company defaulted on a bank loan on Tuesday.
Polarcus had said earlier in the day that no enforcement proceedings had begun following the lenders' decision not to further extend financial waivers on a working capital facility.
But just hours later, the Oslo-listed company issued a statement saying that the banks had enforced share pledges to take over the seven now-former subsidiaries owning the vessels, all built between 2009 and 2012.
