Polarcus’ Deal Off West Africa Falls Trough

Polarcus Limited has released an update regarding a previously announced receipt of a Letter of Intent for a 3D marine seismic acquisition project for an undisclosed client offshore West Africa.

The Company has informed that subsequent to equity changes in the relevant license block, the referenced LOI has not materialized in a service contract.

The project, subject to the execution of a service contract, was expected to start in Q4 2014 and run for approximately 50 days.

Polarcus is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency.