Polarcus Amani Delivered to Sovcomflot
A 5.5 year bareboat charter agreement between Polarcus Limited Norwegian subsidiary Polarcus Amani AS and SCF GEO AS (Sovcomflot) has been signed, and the vessel delivered to Sovcomflot in Bergen. The vessel was delivered without streamers, providing the Polarcus fleet with one excess streamer package, which the company said will significantly reduce its capital expenditure requirements through 2017 and 2018. The Polarcus Group now has two vessels on long-term bareboat charter and operates a fleet of four vessels in the contract market.
GX Technology Agreement With Polarcus
ION Geophysical Corporation (NYSE:IO) announced that its seismic imaging subsidiary, GX Technology (GXT), has signed an agreement with The Polarcus Group of Companies (Polarcus) for the provision of seismic data processing services. This agreement includes onboard quality control (QC), onboard processing, and land-based data processing (DP) services. The agreement calls for GXT to provide hardware, software and geophysicists in order to support a seismic project's entire imaging lifecycle, from the vessel to an onshore data processing center. Nick Bernitsas, Senior Vice President of ION's GXT Imaging Solutions division, commented, "Many…
Mitcham Industries 3Q 2009 Results
Mitcham Industries, Inc. (NASDAQ:MIND) announced financial results for its fiscal 2009 third quarter ended October 31, 2008. Core leasing revenues increased 19 percent to $10m for the third quarter of fiscal 2009 from $8.4m for the third quarter of fiscal 2008. Net income for the third quarter increased to $2.7m, or $0.27 per diluted share, from $2.4m, or $0.24 per diluted share, in the third quarter of fiscal 2008. The company announced today that Seamap was awarded orders totaling approximately $11m by The Polarcus Group of Companies (Polarcus), a new entrant in the marine seismic market, to equip all six of its new state-of-the-art vessels with the GunLink 4000 fully distributed digital gun controller systems and BuoyLink RGPS tail buoy positioning systems.
ION – Polarcus Contract
ION Geophysical Corporation (NYSE:IO) announced that its Marine Imaging Systems group was awarded a fleet-wide contract by The Polarcus Group of Companies (Polarcus), a new entrant in the marine seismic market, to equip all six of its new vessels with four streamer positioning and control technologies from ION's Intelligent Acquisition(TM) [IA] portfolio. This is the largest-ever commitment to ION's Intelligent Acquisition Marine Seismic Portfolio. The contract, with a value in excess of $25m, includes DigiFIN(TM), CompassBIRD(TM), DigiRANGE(TM) II, and Orca(R) command & control systems. (www.iongeo.com)
