Polarcus wins new charter deal

Polarcus wins new charter deal

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.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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