Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) is pleased to announce that the Company has received a Letter of Intent ("LOI") for a 4D project over a field offshore Norway. This will be the 8th monitor survey over the field and is part of an improved oil recovery (IOR) plan.
The survey is due to commence in May 2016 and will run for approximately 8 weeks.
Commenting on the award Duncan Eley, COO Polarcus stated:
"We are very pleased to have been chosen for this 4D acquisition which has been designed to develop a monitoring program for optimal well placement and drainage of the field. The project now forms part of a substantial work program that we have for the coming season and underlines our commitment to the North Sea arena and to offshore Norway in particular".
Tom Henrik Sundby, CFO
+971 50 708 6480
Hans-Peter Burlid, VP Finance & Investor Relations
+971 50 559 8175
Polarcus (OSE: PLCS) is an innovative marine geophysical company with a pioneering environmental agenda, delivering high-end towed streamer data acquisition and imaging services from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating leading-edge maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced onboard processing solutions and employs nearly 500 professionals worldwide. 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)