Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) is pleased to announce that the Company has entered into a three year agreement with ION Geophysical Corporation ("ION") to jointly develop, execute, and market 3D marine multi-client projects to E&P companies worldwide.
The agreement combines Polarcus' proven expertise in the 3D multi-client space with that of ION's GeoVentures group's expertise in delivering geologically-driven, basin-scale 2D multi-client surveys. The collaboration will leverage the expert resources and established third party relationships of both companies, and utilize ION's BasinSPAN(TM) data library of over 450,000 kilometers to identify new project opportunities worldwide. Further, the combination of Polarcus' RIGHTBAND(TM) acquisition proposition and ION's WiBand(TM) data processing technology behind the Company's fleet of advanced, high performance 3D seismic vessels will offer the industry leading edge multi-client data imaging.
Commenting on the agreement, Rolf Ronningen, CEO Polarcus said: "We are confident that this collaboration will bring value to our clients through the delivery of the highest quality multi-client projects, optimally designed to improve the understanding of the sub-surface geology. Specifically for Polarcus it will enable us to expand our 3D multi-client footprint, utilizing the combined resources and assets of Polarcus and ION to ensure we make the right project choices, and further provide additional stability and flexibility to our vessel scheduling across the globe."
Rolf Rønningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
Polarcus (OSE: PLCS) 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 operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects worldwide and employs over 500 professionals. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com
ION Geophysical Corporation is a leading provider of geophysical technology, services, and solutions for the global oil & gas industry. ION's offerings are designed to allow E&P companies to obtain higher resolution images of the subsurface to reduce the risk of exploration and reservoir development, and to enable seismic contractors to acquire geophysical data safely and efficiently. Additional information about ION is available at www.iongeo.com
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 2012 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)