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Polarcus Secures Contract Backlog Through Q1 2011

Source: www.gulfoilandgas.com 10/29/2010, Location: Middle East

Polarcus Limited announced that the Company has received two Letters of Intent for a combined minimum work program of 3,550 square kilometers offshore Southwest Africa, with the high potential for the program to expand to 5,000 square kilometers.

The two separate Letters of Intent require the deployment of two 3D seismic vessels, POLARCUS NAILA and POLARCUS SAMUR, to work on three separate projects. The full program, subject to the execution of two separate service contracts, is expected to run for the equivalent of five vessel months and additionally sees the first contract work for POLARCUS SAMUR that will transit to Southwest Africa directly from the shipyard after delivery end Q4 2010.

Rolf Ronningen, CEO Polarcus, said: "We are very pleased that this program will see the debut of POLARCUS SAMUR, our fourth 3D seismic vessel, capable of deploying an 8 by 6,000m spread. We look forward to demonstrating the operational capabilities of both POLARCUS NAILA and POLARCUS SAMUR on this exciting program."

As a result of this announcement Polarcus has now secured 100% contract backlog for the Company's available fleet capacity through Q1 2011.

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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


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