Polarcus announces termination of recently acquired West Africa project
20-03-2020 15:15:00 | by: Pie Kamau | hits: 3337 | Tags:

Polarcus Limited has announced the termination of an award of a 3D marine seismic acquisition project offshore West Africa.

Polarcus says that the client has decided to cease operations on the project and the contract has been terminated and that he client has accepted that compensation for early termination is payable in these circumstances.

Polarcus is engaged in discussions for alternative project opportunities although the Company expects its vessel utilization in Q2, 2020 to be negatively impacted.

Polarcus is a focused geophysical service provider of safe and environmentally responsible marine acquisition services globally, with the geophysical offering being driven by innovation and collaboration to provide clients with better seismic data faster.

It operates a fleet of high performance seismic vessels with 3D and 4D imaging capabilities, which incorporate leading-edge technologies for improved environmental performance and operational efficiency.

Polarcus offers contract seismic surveys and multi-client projects with advanced priority processing solutions including Cirrus, a suite of cloud-based applications and services designed to bring clients closer to acquired seismic data, enabling faster and better informed exploration decisions.

The Company services its clients globally from its head office in Dubai and regional offices located in Houston, London, Singapore and delivers Group asset management services from Oslo.