PLCS Polarcus Limited

Polarcus awarded XArrayâ„¢ 3D project in North West Europe

Polarcus awarded XArray™ 3D project in North West Europe

Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) announces the award of an XArray™ 3D marine seismic acquisition project in North West Europe commencing in Q2 2020 with a duration of approximately 3 months.

 

Contacts

Hans-Peter Burlid, CFO

5

Lars Oestergaard, COO

4

 

About Polarcus



Polarcus (OSE: PLCS) is a focused geophysical service provider of safe and environmentally responsible marine acquisition services globally. Our geophysical offering is driven by innovation and collaboration to provide clients with better seismic data faster. Polarcus 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. For more information, visit

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

EN
01/04/2020

Underlying

PLCSPolarcus Limited

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Reports on Polarcus Limited

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The initial licensing rounds for offshore wind acreage in Norway are lining up to be competitive, with several high-profile local companies/consortiums already having announced their intention to participate. In addition, we would expect traditional renewables producers and international E&P companies to take part. Currently there is limited clarity on how the licensing process will work, but more details are expected in a government white paper (‘Stortingsmelding’) on 11 June. Although the winn...

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And then there were two

We believe Shearwater’s acquiring the former Polarcus vessels was the best outcome for the industry. We expect a disciplined approach to future capacity additions; however, with a low-cost offering and more optimal fleet size, we believe Shearwater will gain market share from PGS.

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