Polarcus Limited (OAX: PLCS) announced today that the Company has received two Letters of Intent for a combined minimum work program of 3,550 square kilometers offshore Southwest Africa, with the high potential for the program to expand to 5,000 square kilometers.
The two separate Letters of Intent require the deployment of two 3D seismic vessels, POLARCUS NAILA and POLARCUS SAMUR, to work on three separate projects. The full program, subject to the execution of two separate service contracts, is expected to run for the equivalent of five vessel months and additionally sees the first contract work for POLARCUS SAMUR that will transit to Southwest Africa directly from the shipyard after delivery end Q4 2010.
Rolf Rønningen, CEO Polarcus, said: "We are very pleased that this program will see the debut of POLARCUS SAMUR, our fourth 3D seismic vessel, capable of deploying an 8 by 6,000m spread. We look forward to demonstrating the operational capabilities of both POLARCUS NAILA and POLARCUS SAMUR on this exciting program."
As a result of this announcement Polarcus has now secured 100% contract backlog for the Company's available fleet capacity through Q1 2011.
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)