Polarcus extends backlog outlook on Letter of Award from TGS

Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) is pleased to announce that the Company has signed a Letter of Award (“LOA”) with TGS-NOPEC Geophysical Company ASA (“TGS”) for the charter of the Company’s 3D seismic vessel, POLARCUS ADIRA. The charter, of 3 months duration with an option for a further 3 months, will commence in April 2015. The vessel will be operating offshore Norway.

Subsequent to the above LOA the booked capacity for the Company’s active 3D seismic fleet, inclusive of the bareboat charter of Vyacheslav Tikhonov and exclusive of POLARCUS NADIA, now cold-stacked, currently stands at:

Q2 2015            90%

Q3 2015            75%

Q4 2015            35%

Commenting on this latest award, Duncan Eley, COO Polarcus, said: “With this and other recent project awards, the Company has demonstrated its ability to capture significant market share in a challenging business environment, providing Polarcus with very good visibility for the next three quarters.”

 

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 600 professionals worldwide. 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)