Polarcus secures XArray contract in Gulf of Mexico

Polarcus Limited (the “Company”) (OSE: PLCS) is pleased to announce that the Company has received a letter of award from TGS-NOPEC Geophysical Company ASA (“TGS”) for acquiring 6,172 sq.km. of 3D seismic data in the Gulf of Mexico. The survey will commence in Q1 2018 for a period of three months. The survey will be acquired utilizing Polarcus’ innovative XArray multiple source acquisition method to deliver efficient and high quality broadband data.

Following this award, all active Polarcus vessels will be on contract in Q1 2018. In combination with the additional six contract announcements made earlier in Q4, the Company has substantially improved visibility into 2018 with more than 70% of vessel capacity booked for H1 2018.

 

Contacts

Hans-Peter Burlid, CFO
+971 50 559 8175
hp.burlid@polarcus.com

John Scott, VP Sales & Marketing
+971 56 993 9978
john.scott@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 400 professionals worldwide. The Company’s principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com

 

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.