TGS, Polarcus Agree 3D Seismic Vessel Capacity Deal

Norwegian seismic survey companies Polarcus and TGS-NOPEC Geophysical Company have signed a letter of intent that will see Polarcus supply TGS with an estimated six months of 3D seismic vessel capacity in 2016, the firms reported Wednesday.

The letter of intent gives Polarcus the right of first refusal for the charter of 3D seismic vessel capacity to acquire discrete projects of up to 3,720 square miles in 2016.

Commenting on the deal, Polarcus CEO Rod Starr 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."

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