Polarcus finalizes agreements with TPAO for long-term collaboration arrangement
2 Jan 2013
Reference is made to the stock exchange notice published by Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) on 10 December 2012 regarding the commencement of negotiations with the Turkish Petroleum Corporation (“TPAO”) for a long-term collaboration arrangement.
Polarcus is pleased to announce that the Company has successfully completed the aforementioned negotiations and agreed final agreements for the sale and reflagging of the 8-streamer 3D seismic vessel Polarcus Samur combined with the provision by Polarcus of seismic data acquisition, fast-track data processing, management and crewing services for the vessel over a 3 year period.
The total value of the collaboration arrangement over the 3 year period, including the sale of the vessel, is approximately USD 213 million.
TPAO will take delivery of Polarcus Samur in late January / early February.
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
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)