Polarcus Limited (OSE: PLCS) announced today that it has received a Letter of Award from a leading independent oil company for a two month 3D seismic acquisition project offshore West Africa. The project is provisionally allocated to Polarcus Naila, the Company’s second 12 streamer 3D seismic vessel, for acquisition commencing in Q1 2010.
“This is an important award that starts to establish backlog for our second 3D seismic vessel,” commented Rolf Rønningen, CEO Polarcus. “We are very pleased to have been entrusted with this work and we look forward to demonstrating our capabilities through a successful project delivery.”
The award is contingent upon final governmental approval and the execution of a service contract.
Rolf Ronningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
Polarcus 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 is launching an ultra-modern fleet of initially 4 advanced seismic vessels designed by Norway's Ulstein Design AS incorporating the innovative ULSTEIN X-BOW® hull, with the first vessels becoming operational in 2009. www.polarcus.com