TGS exercises Right of First Refusal for extension of vessel charter

Reference is made to the notices published by Polarcus Limited on 19 October 2009 and subsequently on 10 December 2009 regarding the Seismic Charter Agreement between Polarcus and TGS for the charter of the 12 streamer 3D seismic vessel Polarcus Nadia.

 

Polarcus Limited (OAX: PLCS) announced today that further to the referenced notifications, TGS has today exercised their Right of First Refusal, under pre-agreed commercial terms, for the first 6 month extension of the vessel charter to commence upon completion in May 2010 of the initial 5,000 square kilometer program.

 

The Right of First Refusal for TGS to extend the charter for a second 6 month increment upon completion of the first increment remains in full force and effect.

 

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