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Polarcus extends backlog outlook on Letter of Award from TGS

09th April 2015

Polarcus Limited is pleased to announce that the Company has signed a Letter of Award with TGS-NOPEC Geophysical Company ASA for the charter of the company's 3D seismic vessel, Polarcus Adira

Polarcus Limited is pleased to announce that the Company has signed a Letter of Award with TGS-NOPEC Geophysical Company ASA for the charter of the company's 3D seismic vessel, Polarcus Adira
The charter, of three months duration with an option for a further three months, will commence in April 2015

The charter, of three months duration with an option for a further three months, will commence in April 2015.

The vessel will be operating offshore Norway.

Subsequent to the above LOA the booked capacity for the company's active 3D seismic fleet, inclusive of the bareboat charter of Vyacheslav Tikhonov and exclusive of Polarcus Nadia, now cold-stacked, currently stands at:

Q2 2015            90 per cent

Q3 2015            75 per cent

Q4 2015            35 per cent

Commenting on this latest award, 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."

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