Polarcus’ Contract in West Africa Terminated
Polarcus has received contract termination notice for a 3D marine seismic acquisition project offshore West Africa.
The contract was initially announced in November 2018.
The client has decided to cease operations on the project and the contract has been terminated, Polarcus said.
The client has accepted that compensation for early termination is payable in these circumstances, the company added.
Polarcus is engaged in discussions for alternative project opportunities although the company expects its vessel utilization in Q2, 2020 to be negatively impacted.