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    Polarcus enters into negotiations with Turkish Petroleum Corporation

    Company News // December 17, 2012

    Polarcus Limited has announced that it 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 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 help TPAO to 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.

    At the same time Polarcus is, through the combined sales and management contract, securing a good financial return and releasing capital for investment into the company's successful and expanding multi-client business.

    Subject to the satisfactory conclusion of negotiations and the execution of contracts, TPAO is expected to take delivery of Polarcus Samur in the first quarter of 2013.

    Rolf Ronningen, CEO of Polarcus, said: "TPAO plans to conduct extensive 3D seismic surveys over the offshore Turkish continental shelf... 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."

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