TGS Extends 3D Multi-Client and Vessel Deal with Polarcus
- Business & Finance
Seismic contractor Polarcus said it has extended the agreement with TGS to jointly develop selected 3D multi-client projects for an additional year.
The initial memorandum of understanding on multi-client collaboration and vessel agreement was reached in October 2016.
Under the agreement, TGS will extend its vessel commitment with Polarcus to the end of 2018 for up to 10,000 sq. km.
The recently announced XArray project in the Gulf of Mexico with TGS forms part of this commitment. Additional awards under this commitment will be announced separately, Polarcus said.
“This agreement will continue to leverage the core strengths and expertise of both parties,” stated Duncan Eley, Polarcus CEO. “Polarcus acquired over 15,000 sq.km of high quality broadband 3D seismic data for TGS during 2017 and the collaboration will further drive vessel utilization in 2018.”