Polarcus secures 100% fleet backlog for Q3 on confirmation of second Gassnova 3D project

Reference is made to the notice published by Polarcus Limited on 25 February 2010 regarding the receipt of a Letter of Intent from Gassnova SF for two 3D seismic acquisition projects offshore Norway comprising a minimum 405 square kilometers and potentially up to a total of 900 square kilometers.

 

Polarcus Limited (OAX: PLCS) announced today that subsequent to the successful and on time completion by Polarcus of the first Gassnova 3D survey ("Johansen 3D") on 04 July 2010, the second 3D project ("Troll Kystnær 3D") comprising 323 square kilometers offshore Norway has received budgetary approval and will be acquired by POLARCUS NAILA commencing in September 2010. This brings the combined size of the two Carbon Capture and Storage (CCS) 3D projects acquired for Gassnova to 740 square kilometers.

 

The ("Troll Kystnær 3D") project is expected to run for approximately 22 days. As a result of this announcement Polarcus has now secured 100% contract backlog for the Company's available fleet capacity in Q3.

 

Contacts

 

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

 

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

 

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