Polarcus finalizes agreements with TPAO for long-term collaboration arrangement
Reference is made to the stock exchange notice published by Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) on 10 December 2012 regarding the commencement of negotiations with the Turkish Petroleum Corporation ("TPAO") for a long-term collaboration arrangement.
Polarcus is pleased to announce that the Company has successfully completed the aforementioned negotiations and agreed final agreements for the sale and reflagging of the 8-streamer 3D seismic vessel Polarcus Samur combined with the provision by Polarcus of seismic data acquisition, fast-track data processing, management and crewing services for the vessel over a 3 year period.
The total value of the collaboration arrangement over the 3 year period, including the sale of the vessel, is approximately USD 213 million.
TPAO will take delivery of Polarcus Samur in late January/early February.
About Polarcus
Polarcus (OSE:PLCS) is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects worldwide and employs over 500 professionals.
