Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) is pleased to announce that the Company has received a Letter of Intent ("LOI") for an XArray(TM) project in the Norwegian-Barents Sea for an undisclosed client.
The survey is due to commence in August 2016, after required authorization has been obtained, and will run for approximately 4 weeks.
This extends the Polarcus North West Europe campaign and replaces the previously announced project in Morocco which will no longer be acquired by Polarcus.
Rick Donoghue, SVP Europe, Africa & Middle East
+44 129 380 4517
Hans-Peter Burlid, CFO
+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)