Polarcus signs 2016 vessel charter agreement with TGS

by polarcus on 10-Jun-15 07:00

Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) is pleased to announce that the Company has signed a Letter of Intent ("LOI") with TGS-NOPEC Geophysical Company ASA ("TGS") for the charter of an estimated six months of 3D vessel capacity from Polarcus in 2016 in order to acquire a number of individual projects in line with the TGS 2016 investment plan.

Under the terms of the LOI, TGS will offer Polarcus the Right of First Refusal ("ROFR") for the charter of 3D vessel capacity to acquire discrete projects of up to 10,000 sq. km in total.

Commenting on the agreement, Rod Starr, CEO Polarcus, said: "This is a positive LOI for Polarcus and we believe a testament to the strong operational performance of our fleet for TGS on both the recent project in the US and current program in Norway. We appreciate the trust being shown by TGS in our ability to deliver operational excellence globally and will be looking forward to continuing our close working relationship with them through 2016 and beyond."

 

Contacts

Rod Starr, CEO Polarcus
+971 4 436 0800
rod.starr@polarcus.com

Tom Henrik Sundby, CFO Polarcus
+971 50 708 6480
tom.sundby@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 500 professionals worldwide. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com

 

Disclaimer

The information included herein may contain forward-looking statements. Forward-looking statements include all statements that are not historical facts, including but not limited to statements expressing or implying the Company's intent, belief or current expectations with respect to, among other things, forecasts, estimates, and predictions. Such forward-looking statements necessarily involve risks and uncertainties and are dependent on assumptions, information, data or methods that may be incorrect or imprecise. Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealized.  Some factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, developments in the oil and gas industry, the demand for seismic services, the demand for data from the Company's multi-client library, currency risks, political risks, regulatory risks, and unexpected operational setbacks. For a further description of other relevant risk factors we refer to our 2014 Annual Report. The reservation is also made that inaccuracies or mistakes may occur in the information given above concerning the current status of the Company or its business. Any reliance on the information given above is at the risk of the reader, and Polarcus disclaims any and all liability in this respect.

 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)