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.
Hans-Peter Burlid, CFO
+971 50 559 8175
John Scott, VP Sales & Marketing
+971 56 993 9978
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