Polarcus Limited (OAX: PLCS) is pleased to announce that the Company has received a Letter of Intent from Lansdowne Oil & Gas PLC for a 300 square kilometer 3D seismic acquisition project in the Celtic Sea, offshore Ireland. The survey will commence immediately following completion of the Company's first 3D seismic acquisition contract offshore Ireland, previously announced by Polarcus on 07 March 2011. This latest survey is expected to run for approximately 20 days.
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 a fleet of modern 3D seismic vessels using the innovative ULSTEIN X-BOW® design and incorporating advanced maritime technologies for improved operational efficiency with a reduced environmental footprint. Polarcus offers contract seismic surveys and multi client projects worldwide and has its principal office 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)