Reference is made to the stock exchange release published by Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) on 17 October 2016 regarding a multi-client collaboration and vessel agreement with TGS-NOPEC Geophysical Company ASA ("TGS").
Polarcus has extended the agreement with TGS for an additional year. Under the agreement, the companies will continue to jointly develop selected 3D multi-client projects and TGS will extend its vessel commitment with Polarcus to the end of 2018 for up to 10,000 sq. km. The recently announced XArray project in the Gulf of Mexico with TGS forms part of this commitment. Additional awards under this commitment will be announced separately.
"This agreement will continue to leverage the core strengths and expertise of both parties," stated Duncan Eley, Polarcus CEO. "Polarcus acquired over 15,000 sq.km of high quality broadband 3D seismic data for TGS during 2017 and the collaboration will further drive vessel utilization in 2018."
Hans-Peter Burlid, CFO
+971 50 559 8175
John Scott, VP Sales & Marketing
+971 56 993 9978
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 over 400 professionals worldwide. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com