Polarcus in 3D seismic survey in West Africa

Seismic specialist Polarcus has won a contract to carry out a 3D marine seismic acquisition project.

The company said last Friday that the project would be carried out in West Africa, without providing any details on the client, or the value of the contract.

The project is due to begin in September 2018 and will run for approximately three months.

The company added that, following this award, the Polarcus fleet was 100% booked for the third quarter of 2018 and 85% booked for Q4 2018.

In other company-related news from last Friday, Polarcus announced that the contract between the company and state-owned Turkish Petroleum for support work aboard the Barbaros Hayreddin Pasa vessel would come to an end on October 3, 2018.

Also last week, Norwegian geophysical company TGS completed the purchase of Polarcus’ Capreolus 3D seismic survey data.

As for West Africa, Polarcus’ previous deal for a marine seismic survey in the region was awarded back in mid-February.

Presenting its 2Q results late in July, Polarcus said there were indications that exploration activity was returning to new and dormant basins as well as seeing increased interest in West Africa and AsiaPacific.

“The current oil price level is expected to have a positive impact on our clients’ 2019 E&P budgets that will be set over the coming months. Market indicators point toward a stabilization and improvement in the 3D marine seismic acquisition market, though near-term pricing remains competitive,” Polarcus said in July.

The Company currently owns a fleet of seven high-end 3D vessels. Six vessels are in operation, being Polarcus Naila, Polarcus Asima, Polarcus Alima, Polarcus Adira, Vyacheslav Tikhonov and Ivan Gubkin. Polarcus Nadia, another vessel in the Company’s fleet has been cold-stacked since Q1 2015.

Offshore Energy Today Staff