Polarcus receives Letter of Intent for 3D seismic acquisition
4 Oct 2010
Polarcus Limited (OAX: PLCS) announced today that the Company has received a Letter of Intent from an independent oil & gas exploration and production company for an estimated 1,200 square kilometer 3D seismic acquisition project offshore West Africa. The project, to be acquired by POLARCUS NAILA, will commence upon completion of the vessel's confirmed backlog and is expected to run for approximately one month.
Further details of the contract will be announced after partner and governmental consents, and is subject to the execution of a service contract.
Rolf Ronningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
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
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)