Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) is pleased to announce that the Company has signed a Letter of Intent ("LOI") with an undisclosed client for a 3D marine seismic acquisition project offshore Brazil. The program, subject to the execution of contract, is projected to commence in Q2 2015 upon receipt of the required environmental permit, and is expected to run for approximately 30 days.
Following completion of the above project, the Polarcus vessel will mobilize for a multi-client 3D project offshore Brazil, for Queiroz Galvão Exploração e Produção ("QGEP"). This second project forms part of the Company's existing backlog that has been previously announced through the Oslo Stock Exchange.
Rolf Rønningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
Polarcus (OSE: PLCS) is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects worldwide and employs over 500 professionals. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)