Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) refers to its announcement dated 03 June 2019 on the award of a wide-azimuth project offshore The Americas.

Polarcus is now in operation on the multi-vessel wide-azimuth project for WesternGeco, the geophysical services product line of Schlumberger, in the Salina del Istmo Basin in the Gulf of Mexico. The project incorporates two Polarcus high-end streamer vessels plus two source vessels. As previously announced, the duration of the project is approximately four months; a total of eight vessel months.

This is the first Polarcus project working for WesternGeco since the divestment of its marine acquisition business in 2018.

The seismic data acquired by Polarcus will be transferred via satellite directly to the client using Polarcus Cirrus™. This provides the client with near real-time access to high fidelity seismic data allowing for faster, more informed project decisions and contributing to shortening the exploration cycle.

Polarcus CEO Duncan Eley commented:

“We are extremely pleased to be underway on this complex, multi vessel project for a new Polarcus client. This will be our second commercial project using the Polarcus Cirrus™ data transfer and cloud processing offering, helping our clients to shorten the exploration cycle by giving real-time access to their seismic survey data”.

 

Contacts

Duncan Eley, CEO
+971 50 553 2198
duncan.eley@polarcus.com

Lars Oestergaard, COO
+971 54 791 0564
lars.oestergaard@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 seismic vessels with 3D and 4D imaging capabilities, which incorporate leading-edge maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced onboard processing solutions. The Company services its clients globally from its head office in Dubai and regional offices located in Houston, London and Singapore. 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.