Polarcus adds another year to TGS deal
- Business & Finance
Marine seismic acquisition company Polarcus has extended a collaboration agreement with Norwegian geophysical player TGS for an additional year.
The two companies signed the initial deal regarding a multi-client collaboration and vessel agreement back in October 2016.
On Friday, January 5 Polarcus said that the companies would continue to jointly develop selected 3D multi-client projects.
Also, TGS would extend its vessel commitment with Polarcus to the end of 2018 for up to 10,000 square kilometers.
According to Polarcus’ statement on Friday, the recently announced XArray project in the Gulf of Mexico with TGS forms part of this commitment. Additional awards under this commitment will be announced separately.
Duncan Eley, Polarcus CEO, said: “This agreement will continue to leverage the core strengths and expertise of both parties. Polarcus acquired over 15,000 sq.km of high quality broadband 3D seismic data for TGS during 2017 and the collaboration will further drive vessel utilization in 2018.”