Karachi: The Pakistan Credit Rating Agency Limited (PACRA) has announced the maintenance of entity ratings for Polaris Danah Natural Resource Development (Pvt.) Limited, a nascent seismic survey company operating in Pakistan. The company leverages technical expertise from Polaris Inc., a global leader in geophysical and seismic exploration services.
Under the leadership of CEO Abdel Latif Hakkoumi, Polaris Danah has strategically targeted regions in Pakistan with significant potential for oil and gas exploration. Founder of Polaris Inc., Bill Mooney, guides business development initiatives as the company establishes its presence in the competitive market.
In its initial year, PDNRD incurred a net loss of PKR 82.8 million, reflecting its early setup phase during which no projects were awarded. However, the company has recently secured the Al Haj Project for the North Baska Block, deploying the Stryde Nodal System and engaging a workforce of approximately 350 employees.
Looking forward, PDNRD anticipates the maturation of a pipeline project with key exploration and production (E&P) companies. This development marks an early success in building a robust project portfolio. The company is expected to release audited accounts for FY25, which will provide further insights into its financial performance and operational progress.
The maintenance of PDNRD's rating is contingent on the successful execution of its current and future projects. Challenges such as potential delays in receivable collections, cost and timeline overruns, and competition from established E&P companies remain. External factors, including changes in governmental policies and investment levels, may also affect the company's project execution and financial outcomes.
PACRA's assessment will continue to focus on PDNRD's ability to expand its project portfolio while ensuring the timely and cost-efficient completion of contracts.