Polarcus secures multi-year XArray contract award

Polarcus Limited ("the "Company") (OSE: PLCS) is pleased to announce that Polarcus has received a letter of award from TGS-NOPEC Geophysical Company ASA ("TGS") for acquiring 30,000 sq.km. of 3D multi-client data in Europe. Approximately 20,000 sq.km. will be acquired in 2017 utilizing two Polarcus vessels and its innovative XArray(TM) multiple source acquisition method to deliver extremely efficient, high quality broadband data. The project will commence early in Q2 2017. The remaining 10,000 sq.km. will be acquired in 2018 utilizing up to two Polarcus vessels with commencement expected in early Q2 2018.

"Polarcus is very pleased to expand its collaboration with TGS for this major award", stated Rod Starr, Polarcus CEO. "A project award of this magnitude will drive vessel utilization and provide significantly improved visibility for Polarcus."

Following this award, the booked capacity for the fleet is as follows:

• Q1-2017 = 75%
• Q2-2017 = 70%
• Q3-2017 = 60%
• Q4-2017 = 20% 

Contacts

Duncan Eley, COO
+971 (50) 5532198
[email protected]

Hans-Peter Burlid, CFO
+971 50 559 8175
[email protected]

About Polarcus

Polarcus (OSE: PLCS) is an innovative marine geophysical company with a pioneering environmental agenda, delivering high-end towed streamer data acquisition and imaging services from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating leading-edge maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced onboard processing solutions and employs nearly 500 professionals worldwide. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.