Polarcus gets LOI for Barents Sea project

  • Business & Finance

Offshore geophysical company Polarcus has received a Letter of Intent (LOI) for an XArray project in the Norwegian Barents Sea for an undisclosed client.

The survey is due to start in August 2016, after required authorization has been obtained, and will run for approximately 4 weeks, Polarcus said in a press release on Monday.

However, the geophysical company did not reveal the identity of the client nor the value of the potential deal.

The company stated that this extends the Polarcus North West Europe campaign and replaces the previously announced project in Morocco which will no longer be acquired by Polarcus.

To remind, Polarcus recently received a LOI from the Spanish oil company Repsol under which Polarcus was supposed to carry out a broadband 3D survey offshore Morocco, starting in the third quarter of 2016.

According to Polarcus, XArray is an acquisition configuration developed to deliver real un-interpolated data quality and make full use of today’s larger streamer spreads.

Offshore Energy Today Staff

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