Polarcus Limited (OAX: PLCS) announced today that the Company has received a Letter of Intent for a series of consecutive 3D seismic acquisition projects offshore South America. The minimum program duration is estimated at three and a half months, with the potential to expand to five months.
Further, pursuant to the earlier announced notifications regarding the Seismic Charter Agreement between Polarcus and TGS (latest notification dated 25 February 2010), the Company has duly notified TGS of the aforementioned Letter of Intent and TGS has determined not to exercise their Right of First Refusal for a second and final 6 month extension to the charter. Accordingly the Company has formally accepted the referenced Letter of Intent.
The program will be acquired by POLARCUS NADIA upon completion of the vessel’s current charter period with TGS in mid-November 2010 and is subject to the execution of a service contract.