Polarcus 3D Contract in West Africa Terminated

Friday, March 20, 2020

Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) refers to its announcement dated 1 November 2018 regarding the award of a 3D marine seismic acquisition project offshore West Africa.

The client has decided to cease operations on the project and the contract has been terminated. The client has accepted that compensation for early termination is payable in these circumstances. Polarcus is engaged in discussions for alternative project opportunities although the Company expects its vessel utilization in Q2, 2020 to be negatively impacted.

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