Project in Asia Pacific cancelled

Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) refers to its announcement dated 23 December 2019 regarding the award of an XArray™ marine seismic acquisition project in the Asia Pacific region commencing in Q2 2020.

The client has decided not to proceed with this project and has terminated the seismic data acquisition contract.  Polarcus is exploring alternative opportunities for the vessel. All Polarcus’ other active vessels are in production on various projects stretching into May 2020 and beyond. The Company remains well-positioned to secure further awards for work in 2020.  

 

Contacts

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

 

About Polarcus

Polarcus (OSE: PLCS) is a focused geophysical service provider of safe and environmentally responsible marine acquisition services globally. Our geophysical offering is driven by innovation and collaboration to provide clients with better seismic data faster. Polarcus operates a fleet of high performance seismic vessels with 3D and 4D imaging capabilities, which incorporate leading-edge technologies for improved environmental performance and operational efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced priority processing solutions including Cirrus™, a suite of cloud-based applications and services designed to bring clients closer to acquired seismic data, enabling faster and better informed exploration decisions. The Company services its clients globally from its head office in Dubai and regional offices located in Houston, London, Singapore and delivers Group asset management services from Oslo. 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.