Polarcus secures funding for 3D broadband project in Australia

by polarcus on 08-Dec-17 07:23

Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) is pleased to announce that the Company has secured significant industry prefunding and has been granted the environmental permit for a broadband 3D marine seismic project in Australia. 

This extension of Polarcus' Cygnus multi-client 3D survey represents the next step towards unlocking the complex geology of the Vulcan Sub-basin through the application of Polarcus' innovative XArray(TM) acquisition methodology.

The project is due to commence in Q4 2017 and will run for approximately four weeks. As a result of this timing, the previously announced Australian projects will commence in 2018 extending the Polarcus Australian campaign into Q2 2018.

 

Contacts

Hans-Peter Burlid, CFO
+971 50 559 8175
hp.burlid@polarcus.com

John Scott, VP Sales & Marketing
+971 56 993 9978
john.scott@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 over 400 professionals worldwide. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com

 

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.