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Publish Date : 31-Dec-2018

Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) announces that a contract has been executed with Dubai Petroleum Establishment for a combined towed streamer and ocean bottom node ('OBN') 3D seismic acquisition and processing project in the Middle East.

The project will commence in Q1 2019 and run for approximately 3 months. The towed streamer seismic will be acquired by "Vyacheslav Tikhonov". The OBN acquisition services for the project will be provided by SAE Exploration.

The core Polarcus fleet is heavily booked in Q1 2019 creating the opportunity to call on the Vyacheslav Tikhonov (ex-Polarcus Selma, currently on bareboat charter to the seismic division of Sovcomflot) to provide high quality marine seismic acquisition services with project management delivered by Polarcus.

Polarcus COO, Lars Oestergaard commented: "We are delighted to be awarded a towed streamer seismic project that will be acquired in unison with an undershoot OBN component to address imaging challenges in obstructed areas. We see OBN as an important complement to towed streamer acquisition in certain environments. Our collaboration with SAE Exploration on this project is important to provide our client with seamless seismic operations and to deliver a high-quality imaging product, capitalizing on the strengths of the respective seismic technologies".

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