Middle EastOffshore

Polarcus seismic project terminated

Dubai-based offshore survey firm Polarcus has announced that a contract the company secured for providing 3D seismic data acquisition services in Asia Pacific has been terminated by the client after the company’s fleet has been seized by lenders.

Polarcus said the assigned vessel to the project has not been made available to the company, and an alternative vessel could not be sourced. The client has therefore terminated the contract and indicated that it intends to pursue the relevant Polarcus subsidiary for damages.

In February, lenders to Polarcus withdrew support to the company and all of the company’s ships will be brought into anchorage and readied for sale, while liquidators from London and Cayman Islands were appointed to oversee the coming weeks and months of the company.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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