Polarcus signs Letter of Intent for 3D vessel

by polarcus on 01-Sep-09 00:00

Polarcus Limited (Norwegian OTC List: PLCS) has today signed a conditional Letter of Intent with TGS-NOPEC Geophysical Company ASA (TGS) for the charter of the 12 streamer 3D seismic vessel Polarcus Nadia for approximately 3 months commencing in December 2009. The Letter of Intent further includes a right of first refusal for TGS to extend the charter in two 6 month increments under pre-agreed commercial terms.

 

"This is an exciting moment for everyone at Polarcus and a confirmation that our company has come of age," commented Rolf Ronningen, CEO. "We are confident in our operational readiness and look forward to being able to showcase our ability to deliver superior results to both TGS and the industry at large."

 

Polarcus Nadia is the company's first newbuild 12 streamer 3D seismic vessel and incorporates leading-edge design features that will position her as one of the most advanced seismic vessels in the industry. The vessel's name is derived from the Arabic female name meaning ‘the beginning, first' and was chosen to signify the successful arrival of the company. Polarcus Nadia is in the final stage of construction at Drydocks World - Dubai in the United Arab Emirates and will mobilize for TGS upon finalization of contract.

 

Contacts

 

Rolf Ronningen, CEO Polarcus, +971 4 436 0800

Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800

 

About Polarcus

 

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 an ultra-modern fleet of initially 4 advanced seismic vessels designed by Norway's Ulstein Design AS incorporating the innovative ULSTEIN X-BOW® hull, with the first vessels becoming operational in 2009. www.polarcus.com