Polarcus wins seismic data contract and extends existing work in West Africa

Polarcus has won a new seismic contract in Australia and secured an extension to another of its projects in West Africa. 

The new contract will see the firm deliver broadband data-set utilising one of the company’s Polarcus X-bow vessels.

The project is due to commence in Q3 2017 and will run for approximately two months.

In addition, Polarcus has secured a 30-day extension to the West African campaign initially announced on 9 January, 2017.

Duncan Eley, chief operating officer, stated: "The multiple awards announced recently are testament to our strong reputation with clients globally and our ability to secure key projects in the contract market, which is our previously stated strategy.

“These recent announcements provide clear visibility of our fleet through end Q3 and into Q4.”

The announcements come less than n month after the Dubai-based offshore seismic firm raised $40m from a share issue, with the sale heavily oversubscribed.

The company has also renegotiated a number of agreements with banks, as part of an effort to save millions of dollars in repayments in the coming years.

Posted 05 March 2017

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

James Henderson

Middle East Correspondent

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