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Polarcus secures multi-year XArray contract award

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Oilfield Technology,

Polarcus Limited is has announced that Polarcus has received a letter of award from TGS-NOPEC Geophysical Company ASA for acquiring 30 000 km2 of 3D multi-client data in Europe.

Approximately 20 000 km2 will be acquired in 2017 utilising two Polarcus vessels and its innovative XArrayTM multiple source acquisition method to deliver extremely efficient, high quality broadband data. The project will commence early in Q2 2017. The remaining 10 000 km2 will be acquired in 2018 utilising up to two Polarcus vessels with commencement expected in early Q2 2018.

"Polarcus is very pleased to expand its collaboration with TGS for this major award", stated Rod Starr, Polarcus CEO. "A project award of this magnitude will drive vessel utilisation and provide significantly improved visibility for Polarcus."

Following this award, the booked capacity for the fleet is as follows:

  • Q1-2017 = 75%
  • Q2-2017 = 70%
  • Q3-2017 = 60%
  • Q4-2017 = 20%

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