Dubai: Oslo-listed seismic vessel operator Polarcus has announced that TGS-NOPEC Geophysical has signed a deal to charter 3D seismic vessel Polarcus Adira.
The contract commences this month, and is for 3 months with an additional 3 months option. The vessel will be operating offshore Norway.
Duncan Eley, coo of Polarcus, commented: “With this and other recent project awards, the company has demonstrated its ability to capture significant market share in a challenging business environment, providing Polarcus with very good visibility for the next three quarters.”
Just two weeks ago, Polarcus sent ultra-modern 12 streamer 3D/4D seismic vessel Polarcus Nadia into layup, citing challenging market conditions. However, the company has been busy, announcing two new contracts last month and an extension of a project off Australia.
Excluding the Polarcus Nadia, the company says that vessel utilisation for Q2 2015 is 90%, with 75% utilisation in Q3, and 35% for Q4.