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    Polarcus secures 100 per cent backlog for third quarter

    Company News // July 28, 2010

    Referring to earlier statements regarding the receipt of a Letter of Intent from Gassnova SF for two 3D seismic acquisition projects offshore Norway, Polarcus has announced that it has now secured funding for the second project.

    Following the successful completion by Polarcus of the first Gassnova 3D survey (Johansen 3D) on 04 July 2010, the second 3D project (Troll Kystnær 3D) comprising 323km2 offshore Norway has received budgetary approval and will be acquired by Polarcus Naila commencing in September 2010.

    This brings the combined size of the two Carbon Capture and Storage (CCS) 3D projects acquired for Gassnova to 740km2.

    The Troll Kystnær 3D project is expected to run for approximately 22 days.

    As a result of this announcement Polarcus has now secured 100 per cent contract backlog for its fleet in the third quarter of 2010.


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