Polarcus signs letter of intent with TGS

Norway

OSLO, June 10, 2015 – UAE geophysical company Polarcus has signed a letter of intent (LOI) with US multinational seismic company TGS for the charter of vessels for 3D seismic surveys in 2016.

The terms of the LOI state that TGS will offer Polarcus the right of first refusal for the charter of 3D vessel capacity to acquire discrete projects of up to 10,000 square kilometres.

“This is a positive LOI for Polarcus and we believe a testament to the strong operational performance of our fleet for TGS on both the recent project in the US and current programme in Norway. We appreciate the trust being shown by TGS in our ability to deliver operational excellence globally and will be looking forward to continuing our close working relationship with them through 2016 and beyond,” said Polarcus CEO Rod Starr in a company statement.

In early June, TGS signed a contract extension for Polarcus Adira to perform an additional 3,000-square-kilometre survey in the Barents Sea.

Industry observers have said more consolidation in the offshore vessel sector will likely happen due to industry-wide cutbacks in exploration and development budgets.

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