Polarcus completes sale of Polarcus Samur

11 Feb 2013

Reference is made to the stock exchange notice published by Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) on 02 January 2013 regarding finalization of agreements with the Turkish Petroleum Corporation (“TPAO”) for a long-term collaboration arrangement. 

Polarcus is pleased to announce that the Company has completed today the sale and delivery of the 8-streamer 3D seismic vessel POLARCUS SAMUR to TPAO. The vessel is to be repainted red and white in the design of the new vessel owner and renamed Barbaros Hayreddin Pasa.

Polarcus has simultaneously commenced the 3 year support services agreement with TPAO covering seismic data acquisition, fast-track data processing, management and crewing for Barbaros Hayreddin Pasa.

Contacts

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

About Polarcus

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

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