Polarcus hit with seismic project cancellation in Asia Pacific

Marine seismic player Polarcus has received termination for its previously awarded XArray marine seismic acquisition project in the Asia Pacific region.

Source: Polarcus
Source: Polarcus

In December 2019, Polarcus was awarded a new XArray marine seismic acquisition project by an unnamed client in the Asia Pacific region. The survey was supposed to begin in the second quarter of 2020, with a duration of approximately four months.

In an update on Monday, Polarcus said the client had decided not to proceed with this project and had terminated the seismic data acquisition contract.

Polarcus added it was exploring alternative opportunities for the vessel.

According to the company, all of its other active vessels are in production on various projects stretching into May 2020 and beyond.

“The company remains well-positioned to secure further awards for work in 2020,” Polarcus concluded.

The seismic services player has not revealed any details regarding the reasons behind the cancellation of the project.

Offshore Energy Today Staff

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