TGS exercises Right of First Refusal for extension of vessel charterReference is made to the notices published by Polarcus Limited on 19 October 2009

Reference is made to the notices published by Polarcus Limited on 19 October 2009 and subsequently on 10 December 2009 regarding the Seismic Charter Agreement between Polarcus and TGS for the charter of the 12 streamer 3D seismic vessel Polarcus Nadia. Polarcus Limited (OAX: PLCS) announced today that further to the referenced notifications, TGS has today exercised their Right of First Refusal, under pre-agreed commercial terms, for the first 6 month extension of the vessel charter to commence upon completion in May 2010 of the initial 5,000 square kilometer program.

The Right of First Refusal for TGS to extend the charter for a second 6 month increment upon completion of the first increment remains in full force and effect.