Update on the Letter of Award for 3D seismic acquisition program offshore West Africa

Reference is made to the notice published by Polarcus Limited on 29 October 2009 regarding the receipt of a Letter of Award from a leading independent oil company for 3D seismic acquisition project offshore West Africa.

 

Polarcus Limited (OAX: PLCS) announced today that further to the referenced notification, the necessary governmental approvals and consent from Petronas Carigali have been secured for the award and a service contract executed with the client, Noble Energy Cameroon Limited.

 

The 1,500km2 3D seismic acquisition project, offshore Cameroon, will be acquired by Polarcus Naila, the Company's second 12 streamer 3D seismic vessel. The project will commence in Q1 2010 and is expected to run for forty-five days.

 

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