Marine Link
Thursday, August 16, 2018

TGS Signs Vessel Charter Deal with Polarcus for 2016

Maritime Activity Reports, Inc.

June 10, 2015

Polarcus Adira. Photo by Polarcus DMCC

Polarcus Adira. Photo by Polarcus DMCC

 TGS-NOPEC Geophysical Company ASA (TGS) signs letter of intent (LoI) for charter of an estimated six months of 3d vessel capacity from Oslo-listed seismic vessel operator Polarcus.

 
TGS intends to charter a vessel from Polarcus in 2016 to acquire a number of individual projects in line with its 2016 investment plan. 
 
Under the terms of the LOI, TGS will offer Polarcus the Right of First Refusal (ROFR) for the charter of 3D vessel capacity to acquire discrete projects of up to 10,000 sq. km in total.
 
Commenting on the agreement, Rod Starr, CEO Polarcus, said: "This is a positive LOI for Polarcus and we believe a testament to the strong operational performance of our fleet for TGS on both the recent project in the US and current program in Norway. We appreciate the trust being shown by TGS in our ability to deliver operational excellence globally and will be looking forward to continuing our close working relationship with them through 2016 and beyond."
 
Earlier this month TGS signed a contract extension for Polarcus Adira (4,350 dwt, built 2012) for a further 3,000 square km of work in the Norwegian Barents Sea.
 
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