Polarcus Limited has signed a Letter of Award (“LOA”) with TGS-NOPEC Geophysical Company ASA for the charter of the company’s 3D seismic vessel, Polarcus Adira.

The charter is for 3 months with an option for a further 3 months extension. The vessel will be operating offshore Norway.

In a separate statement, TGS said that, under the agreement, it will acquire 3,000 km2 of 3D seismic data with a potential extension of up to a total of 7,000 km2. The activity is expected to start in April 2015 subject to the issuance of seismic acquisition permits from the relevant authorities.

Duncan Eley, COO Polarcus, said: “With this and other recent project awards, the Company has demonstrated its ability to capture significant market share in a challenging business environment, providing Polarcus with very good visibility for the next three quarters.”

Source: www.offshoreenergytoday.com

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