Polarcus receives LOI for 4D project offshore Denmark

by polarcus on 18-Dec-15 12:26

Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) is pleased to announce that the Company has received a Letter of Intent ("LOI") from Maersk Oil on behalf of the Danish Underground Consortium (DUC) for a 4D marine seismic survey offshore Denmark.

The project is due to commence in Q2-2016 and will run for approximately 3 months.

Commenting on this latest award, Rod Starr, CEO Polarcus stated:

"This is the Company's fifth project award announcement in five days, clearly indicating that we are delivering on our strategy of optimizing utilization of the Polarcus fleet through focused regional campaigns. After this most recent award, I am happy to confirm that the booked capacity of our fleet is as follows:

-       Q1-2016 = 100%

-       Q2-2016 = 85%

-       Q3-2016 = 50%

-       Q4-2016 = 10%

Against the backdrop of a very tough market, this puts the Company in a strong position going in to 2016 with 90% of fleet capacity booked up for H1-2016 ".

 

Contacts

Tom Henrik Sundby, CFO
+971 50 708 6480
tom.sundby@polarcus.com

Hans-Peter Burlid, VP Finance & Investor Relations
+971 50 559 8175
hp.burlid@polarcus.com

 

About Polarcus

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 nearly 500 professionals worldwide. The Company's principal office is 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)