Polarcus Commences New Multi-Client Program in UK North Sea

Polarcus Limited (“Polarcus” or the “Company”) announces the imminent commencement of a new multi-client program in the UK North Sea comprising two high density 3D broadband surveys.

The program, supported by industry funding, will be acquired by Polarcus Naila utilizing the Company’s RIGHTBAND(TM) geophysical approach and incorporating deep tow streamers to extend the acquisition weather window and provide an optimized signal-to-noise ratio over the whole desired frequency spectrum.

The first survey will cover the Halibut Horst in the Moray Firth and encompasses both the new Liberator oil discovery announced 22 November 2013 by Dana Petroleum and the existing Blake and Ross oilfields. The second survey is an extension to the Breagh – Ravenspurn 3D multi-client program acquired in 2013 in the Southern Gas Basin, and aims to further identify and map structural leads at Base Permian level into drillable prospects. Both surveys incorporate multiple open and recently relinquished blocks that will be available for licensing in the upcoming UK 28th Round.

The multi-client program further provides for the optimal placement of Polarcus Naila for the previously announced yard stay to upgrade the vessel’s propulsion. The upgrade, to take place at Shipdock B.V. in Amsterdam, will commence late February and is scheduled to take six weeks. During the yard stay certain modifications will additionally be made to the deflector handling systems to enable the vessel to tow a full 12 streamer spread.

Press Release, December 04, 2013