Polarcus Limited (OAX: PLCS) announced today that it has received a Letter of Intent from Gassnova SF, the Norwegian state enterprise for carbon capture and storage (CCS), for two 3D seismic acquisition projects offshore Norway comprising a minimum 405 square kilometers and potentially up to a total of 900 square kilometers. The program will be acquired by Polarcus Naila, the Company's second 12 streamer 3D seismic vessel. The program will commence in June 2010 and may run for up to 50 days.
"We are very pleased to have been entrusted by Gassnova with this high profile project" commented Rolf Rønningen, CEO Polarcus. "Carbon Capture and Storage is fast becoming recognized as one of the key means to reduce CO2 emissions, with Norway one of the countries pioneering the effort to securely capture and store CO2 in suitable geologic formations under the North Sea. This new and growing business activity is also very much in keeping with our own Explore Green values and we are looking forward to participating on this exciting program."
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