Polarcus sells Capreolus 3D survey offshore Australia

Marine seismic acquisition company Polarcus has signed an agreement for the sale of its Capreolus 3D survey offshore Australia.

Polarcus said on Friday that its 22,130 square kilometers of Capreolus 3D survey was sold by a company subsidiary in return for a cash consideration of $6.5 million.

According to the company, the transaction will result in a non-cash gain of approximately $4.9 million.

The transaction is subject to the execution of ancillary agreements with target closing date on or before July 31, 2018.

Earlier this month, Polarcus was awarded an XArray 3D marine seismic acquisition project in northwest Europe.

The project duration was for approximately two months and was expected to start in July 2018.