Seismic contractor Polarcus gets LOI for 3D project

Polarcus, an Oslo-listed seismic acquisition specialist, has received a letter of intent for a 3D seismic contract.

The company, headquartered in Dubai, did not reveal the identity of the client. Polarcus said that it would be utilizing its RightBAND(TM) technique for broadband data acquisition.

According to the statement issued Tuesday, the project is expected to start soon and will run for approximately two months.

Duncan Eley, COO Polarcus, stated: “Such an award in this challenging market is the result of us continuing to work closely with our clients to ensure exceptional service delivery with safe operations, high quality data and extremely efficient seismic acquisition solutions.”

That the seismic market is indeed challenging tells the fact that Polarcus last week decided to stop paying interest to its lenders while looking at options for restructuring and long-term financing. More on that here

While Polarcus is discussing its options with creditors, Dolphin Geophysical, a Norway-based rival, on Monday filed for bankruptcy after an attempt to restructure the company failed. More here:

Offshore Energy Today Staff

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