Polarcus expands into Brazil

Polarcus Limited (OAX: PLCS) announced today that it has established a new Brazilian subsidiary and entered into an agreement with a local services company based in Rio de Janeiro, Bratexco Representações e Serviços em Energia Ltda (“Bratexco”), for assistance with the coordination of Polarcus’ business development activities across Brazil.
The new company, Polarcus do Brasil, was launched at a reception held in Rio de Janeiro on 14 January 2010 for an invited audience comprising representatives from the ANP, IBAMA, Petrobras, other Brazilian and International Oil Companies, and the Press.
"Brazil's rapidly evolving E&P market provides a ready opportunity for us to apply our modern 3D seismic fleet" said Rolf Ronningen, CEO Polarcus at the launch event. "We have built at Polarcus a strong and highly knowledgeable team of industry professionals with extensive experience of high-end 3D marine seismic operations at both management and crew level. Combined with our unique seismic vessel technology and management program for minimizing the environmental impact of our activities, we believe we bring something new to the market to assist in the responsible development of the country's hydrocarbon resources."
Polarcus' business activities in Brazil will be represented locally by Cosme Peruzzolo and Andy Phipps of Bratexco. Cosme Peruzzolo has over 33 years of industry experience including 23 years with Petrobras and then most recently with Veritas and CGGVeritas before co-founding Bratexco. Andy Phipps has 30 years experience in the seismic industry with Veritas and lately CGGVeritas and is highly knowledgeable of the local Brazilian seismic market.
Rolf Ronningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
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 a fleet of modern 3D seismic vessels using the innovative ULSTEIN X-BOW® design and incorporating advanced maritime technologies for improved operational efficiency with a reduced environmental footprint. Polarcus offers contract seismic surveys and multi client projects worldwide and has its principal office in Dubai, United Arab Emirates. For more information, visit www.polarcus.com