DALLAS – Polarcus Ltd. has entered into a memorandum of understanding (MoU) to collaborate with TGS-NOPEC Geophysical Co. ASA to jointly develop selected 3D multi-client projects.
New projects taken under the collaboration agreement will be announced separately as they occur.
Further, under the collaboration agreement, TGS will extend its vessel agreement with Polarcus signed in June 2015 for the charter of 3D vessel capacity. The extension will be valid through the end of 2017 for up to 10,000 sq km (3,861 sq mi).
Polarcus CEO Rod Starr said: “The collaboration will drive vessel utilization as well as allow Polarcus to expand its multi-client business with limited capital investment.”