DUBAI, UAE – Polarcus Ltd. has signed a five-year bareboat charter for the Polarcus Selma with OAO Sovcomflot. The vessel, with an eight-streamer seismic package will start work this month.
Polarcus also signed a letter of intent to provide onboard crew as well as short-based services and support. That final agreement is expected to be in place by the end of this month.
The charter terms include a purchase option after the end of the third year.
“This important agreement will afford Polarcus and Sovcomflot unparalleled access to the Russian market and most significantly to possibly the world’s last and largest oil frontier, the Arctic,” said Peter Zickerman, EVP, Polarcus. “There is very good synergy between our companies, with our own strategic focus on the Arctic frontier and investment into Arctic-ready technologies, and Sovcomflot’s leadership in key Russian oil and gas development projects in harsh ice environments.”