Maersk Oil has signed a letter of intent (LOI) on behalf of the Danish Underground Consortium (DUC) with Polarcus, under which the seismic specialist will conduct a 4D marine seismic survey in offshore Denmark.
The three-month survey will commence in the second quarter 2016, Polarcus said today.
“This is the company’s fifth project award announcement in five days, clearly indicating that we are delivering on our strategy of optimising utilisation of the Polarcus fleet through focused regional campaigns,” Rod Starr, CEO of Polarcus, said in a statement.
“Against the backdrop of a very tough market, this puts the company in a strong position going in to 2016 with 90% of fleet capacity booked up for H1-2016,” Starr said.
On Wednesday, Polarcus announced it will be commencing a new multi-client project over the Vulcan sub-basin, in offshore Australia’s North West Shelf, with its partners Spectrum and DownUnder GeoSolutions.
Polarcus hasn’t been immune to the downturn in the offshore shipping services market and waning investor sentiment. In late November, the company completed a reverse split of its stock, which is listed on the Oslo stock exchange.