Seismic Charter Agreement with TGS expanded

Reference is made to the notice published by Polarcus Limited on 19 October 2009 regarding the update on the conditional Letter of Intent with TGS-NOPEC Geophysical Company ASA (TGS) for the charter of the 12 streamer 3D seismic vessel Polarcus Nadia.

 

Polarcus Limited (OAX: PLCS) announced today that further to the referenced notification, TGS has increased the size of the confirmed initial charter from 2,000 square kilometers to 5,000 square kilometers and that the Parties have now executed the corresponding Seismic Charter Agreement.

 

Polarcus Nadia is expected to arrive on the first prospect, Offshore Liberia, in early January.

 

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