UAE: Polarcus Receives Letter of Intent for 3D Seismic Acquisition

Polarcus Limited announced that the Company has received a Letter of Intent for a 3D seismic acquisition project estimated at up to three months duration.

The project, presently assigned to POLARCUS ASIMA, will commence upon completion of the vessel’s current operations in the Black Sea.

As a result of this announcement, the third such Letter of Intent reported to date in October 2010, Polarcus has now secured 85% contract backlog for the Company’s available fleet capacity in Q4 and 45% contract backlog for Q1 2011.

Further details of the project will be announced shortly and is subject to the execution of a service contract.

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Source: Polarcus, October 14, 2010;