Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) is pleased to announce that the Company has entered into a memorandum of understand ("MOU") to collaborate with TGS-NOPEC Geophysical Company ASA ("TGS") to jointly develop selected 3D multi-client projects. New projects taken under the collaboration agreement will be announced separately as they occur.

Further, under the collaboration agreement, TGS will extend its vessel agreement with Polarcus entered in June 2015 for the charter of 3D vessel capacity. The extension will be valid through the end of 2017 for up to 10,000 sq. km.

"Polarcus is pleased to collaborate on its multi-client projects with TGS. The agreement will leverage the core strengths and expertise of both parties," stated Rod Starr, Polarcus CEO. "The collaboration will drive vessel utilization as well as allow Polarcus to expand its multi-client business with limited capital investment."

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.

About TGS

TGS provides global geoscientific data products and services to the oil and gas industry to assist with licensing rounds and the preparation of regional data programs. TGS invests in multi-client data projects in frontier, emerging and mature markets worldwide that make up a data library of seismic imaging, well data and interpretive products and services.

Origine : Communiqué Polarcus