TPAO Buying Polarcus Samur Seismic Vessel (Turkey)

Polarcus Limited has been invited to enter into final negotiations with the Turkish Petroleum Corporation (“TPAO”) over a long-term collaboration arrangement between the parties, which will include the sale and reflagging of the 8-streamer 3D seismic vessel Polarcus Samur combined with the provision by Polarcus of seismic data acquisition, management and crewing services for the vessel. The overall arrangement is subject to final negotiation of contracts.

TPAO plans to use the 3D vessel to conduct extensive seismic exploration of the offshore continental shelf of Turkey in both the Black Sea and the Mediterranean Sea. Through this collaboration arrangement Polarcus will assist TPAO to significantly improve its understanding of the offshore continental shelf of Turkey, potentially opening up several new provinces for future exploration activity, and also position the Company for prime access to this important emerging market.

TPAO is expected to take delivery of Polarcus Samur in the first quarter of 2013.

Rolf Ronningen, CEO Polarcus, commenting on the ongoing negotiations said: “TPAO plans to conduct extensive 3D seismic surveys over the offshore Turkish continental shelf. The fact that TPAO has chosen to enter into final negotiations with Polarcus for this important task is recognition of the superior quality of our seismic fleet and our proven track record in marine seismic acquisition services. A successful conclusion to these negotiations will enable us to accelerate our investment in another strategic activity at Polarcus; the growth of our young, but already very highly regarded multi-client business.”

[mappress]
December 10, 2012