Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) is pleased to announce that the Company has been invited to enter into final negotiations with the Turkish Petroleum Corporation ("TPAO") over a long-term collaboration arrangement between the parties, which will include the sale and reflagging of the 8-streamer 3D seismic vessel Polarcus Samur combined with the provision by Polarcus of seismic data acquisition, management and crewing services for the vessel. The overall arrangement is subject to final negotiation of contracts.
TPAO plans to use the 3D vessel to conduct extensive seismic exploration of the offshore continental shelf of Turkey in both the Black Sea and the Mediterranean Sea. Through this collaboration arrangement Polarcus will assist TPAO to significantly improve its understanding of the offshore continental shelf of Turkey, potentially opening up several new provinces for future exploration activity, and also position the Company for prime access to this important emerging market. At the same time Polarcus is, through the combined sales and management contract, securing a good financial return and releasing capital for investment into the Company's successful and expanding multi-client business.
Subject to the satisfactory conclusion of negotiations and the execution of contracts, TPAO is expected to take delivery of Polarcus Samur in the first quarter of 2013.
Rolf Ronningen, CEO Polarcus, commenting on the ongoing negotiations said: "TPAO plans to conduct extensive 3D seismic surveys over the offshore Turkish continental shelf. The fact that TPAO has chosen to enter into final negotiations with Polarcus for this important task is recognition of the superior quality of our seismic fleet and our proven track record in marine seismic acquisition services. A successful conclusion to these negotiations will enable us to accelerate our investment in another strategic activity at Polarcus; the growth of our young, but already very highly regarded multi-client business."
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
The information included herein may contain forward-looking statements. Forward-looking statements include all statements that are not historical facts, including but not limited to statements expressing or implying the Company's intent, belief or current expectations with respect to, among other things, forecasts, estimates, and predictions. Such forward-looking statements necessarily involve risks and uncertainties and are dependent on assumptions, information, data or methods that may be incorrect or imprecise. Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealized. Some factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, developments in the oil and gas industry, the demand for seismic services, the demand for data from the Company's multi-client library, currency risks, political risks, regulatory risks, and unexpected operational setbacks. For a further description of other relevant risk factors we refer to our 2011 Annual Report. The reservation is also made that inaccuracies or mistakes may occur in the information given above concerning the current status of the Company or its business. Any reliance on the information given above is at the risk of the reader, and Polarcus disclaims any and all liability in this respect.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)