Polarcus Limited (OAX: PLCS) announced today that the Company, in association with its partner Sonar Limited, has received a Letter of Intent from Nigerian Agip Exploration Limited for a combined 190 square kilometer 4D seismic acquisition ‘monitor' survey and a 30 square kilometer 4D undershoot project over block OML 125, offshore Nigeria.
"We are very pleased to have been entrusted by Eni with this important 4D project and the associated undershoot," commented Rolf Rønningen, CEO Polarcus. "This latest LOI, our fourth this month alone, means that our seismic fleet is now fully contracted for the remainder of 2010, a very positive milestone that we attribute in part to our expanding track record and an increasing recognition across the industry of our operational capabilities."
Sonar Limited's Vice Chairman Robert Bakre commented, "In line with Sonar's vision to constantly add value through enhanced technology deliverables to our clients in Nigeria, Sonar along with its partner Polarcus are pleased at this opportunity to work for Eni Nigeria on the ABO field. We will again use this opportunity to meet our Nigerian Content Development Plans."
The program, to be acquired by POLARCUS NAILA, will commence upon completion of the vessel's current operations and is expected to run for approximately 45 days. As a result of this announcement Polarcus has now secured 100% contract backlog for the Company's available fleet capacity in Q4 2010.
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)