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Polarcus and TGS team up on new 3D survey projects

Dubai’s Polarcus and TGS-NOPEC Geophysical Company have signed a memorandum of understanding (MoU) through which they will jointly develop certain 3D multi-client offshore survey projects.

Seismic vessel operator Polarcus last year agreed to sell 3D multi-client seismic projects in northwest Europe and West Africa to TGS for $27.5m in cash plus a share of future revenues.

Under the new MoU, this agreement will be extended until the end of 2017 for the charter of up to 10,000-sq-km of 3D vessel capacity.

“Polarcus is pleased to collaborate on its multi-client projects with TGS. The agreement will leverage the core strengths and expertise of both parties,” Rod Starr, Polarcus’ CEO, said in a filing.

“The collaboration will drive vessel utilization as well as allow Polarcus to expand its multi-client business with limited capital investment.”

Last month, the survey companies jointly acquired the majority of Dolphin UK’s multi-client library after the company went bankrupt.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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