Polarcus, TGS ink LoI for 3D vessel capacity

Polarcus Limited has signed a Letter of Intent (LoI) with TGS-NOPEC Geophysical Company ASA (TGS) for the charter of an estimated six months of 3D vessel capacity from Polarcus in 2016 in order to acquire a number of individual projects in line with the TGS 2016 investment plan.

Under the terms of the LOI, TGS will offer Polarcus the Right of First Refusal (ROFR) for the charter of 3D vessel capacity to acquire discrete projects of up to 10,000 sq. km in total.

Commenting on the agreement, Rod Starr, CEO Polarcus, said: “This is a positive LOI for Polarcus and we believe a testament to the strong operational performance of our fleet for TGS on both the recent project in the US and current program in Norway.

“We appreciate the trust being shown by TGS in our ability to deliver operational excellence globally and will be looking forward to continuing our close working relationship with them through 2016 and beyond.”