Polarcus inks LoI with Maersk Oil for 4D survey off Denmark

Seismic contractor Polarcus Limited has received a Letter of Intent (LoI) from Maersk Oil for a 4D marine seismic survey offshore Denmark.

Maersk Oil awarded the LoI to the company providing marine seismic services on behalf of the Danish Underground Consortium (DUC).

According to Polarcus, the project is due to start in Q2-2016 and will run for approximately 3 months.

Commenting on this latest award, Rod Starr, CEO Polarcus stated:

“This is the Company’s fifth project award announcement in five days, clearly indicating that we are delivering on our strategy of optimizing utilization of the Polarcus fleet through focused regional campaigns.

“After this most recent award, I am happy to confirm that the booked capacity of our fleet is as follows: Q1-2016 = 100%; Q2-2016 = 85%; Q3-2016 = 50%, and Q4-2016 = 10%.”

To remind, Polarcus said on Tuesday it had received a letter of intent for a 3D seismic contract and on Wednesday informed of an additional work secured offshore South America.

Last week, Polarcus decided to stop paying interest to its lenders while looking at options for restructuring and long-term financing.

Offshore Energy Today Staff

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