Seismic Shoot Offshore South Africa Begins
Africa Energy Corp., an oil and gas company with exploration assets offshore South Africa and Namibia, has announced the start of a new 3D marine seismic acquisition programme over the Paddavissie Fairway on Block 11B/12B offshore South Africa.The Brulpadda discovery is located on Block 11B/12B in the Outeniqua Basin 175 kilometers off the southern coast of South Africa. The block covers an area of 19,000 square kilometers with water depths ranging from 200 to 1…
Polarcus Scoops 3D Marine Seismic Project
Seismic vessel owner Polarcus Limited said it has been awarded an XArray 3D marine seismic acquisition project.The project duration is for up to 10 vessel months and is expected to commence in Q3 2018, providing backlog for two vessels throughout Q4 2018 and in to Q1 2019.
Polarcus Awarded XArray 3D project in South America
Polarcus Limited has been awarded a XArray 3D seismic acquisition project in South America for an undisclosed client. Polarcus said the project will commence in the fourth quarter of 2017 and run for approximately 10 weeks.
Eley to Take over as Polarcus CEO
Duncan Eley has been appointed chief executive officer of Oslo listed offshore geophysical services company Polarcus Limited, replacing Rod Starr, who has resigned following a two year reorganization period. Eley has been promoted to the CEO role from his current position as chief operating officer, succeeding Starr effective immediately. Starr will continue to work with the executive management team and Polarcus' Board of Directors for a transition period during the second quarter of 2017.
Polarcus Awarded 4D Project Offshore West Africa
Polarcus Limited has announced that the company has received a letter of award for a 4D marine seismic acquisition project offshore West Africa. The project is due to commence in Q2 2017 and will run for approximately one month.
Rieber Shipping Hopes for Recovery, but is Prepared to Wait
CEO Irene Waage Basili of Norway's Rieber Shipping says hopes marine seismic market could begin to recover in 2017, but is prepared for current market weakness to last another 2-3 years. ** The seismic equipment on the vessels was owned by Dolphin.
Polarcus Wins Broadband 3D Project in Australasia
Polarcus Limited (OSE: PLCS) received a contract award for a broadband 3D marine seismic project in Australasia. The project is due to commence in Q4 2016 and will run for approximately one month.
Polarcus, Turkish Petroleum Extend Partnership
Polarcus Limited announced two-year support services agreement extension with Turkish Petroleum covering seismic data acquisition management, maritime management and crewing support. Polarcus signed on for long term collaboration agreements with Turkish Petroleum in January 2013. Through this latest extension, Polarcus will continue to provide Turkish Petroleum the support services required to deliver marine seismic operations onboard Turkish Petroleum's seismic vessel, Barbaros Hayreddin Pasa.
Polarcus Scores Broadband 3D Project in South America
Polarcus Limited has received a Memorandum of Understanding from an undisclosed client for a 3D marine seismic project in South America utilizing Polarcus' RightBAND technique for broadband data acquisition, the company announced. The project will commence in the first quarter of 2016 and will run for approximately four months. According to Polarcus, the RightBAND technique optimizes the imaging of target geologic horizons by tuning the seismic source and receivers to the appropriate frequency band…
Dolphin Files for Bankruptcy
Seismic surveyor Dolphin Group is filing for bankruptcy, the firm said on Monday, after a prolonged fall in crude prices has reduced the amount of work available from oil companies. Oil companies have slashed spending as crude price have dropped around 67 percent since mid-2014. Seismic surveyors, which map out the seabed in search of oil and gas deposits, have suffered as a result. "Due to the continued deterioration in the oil service market Dolphin has had to make the decision to file for bankruptcy," the firm said in a statement.
Polarcus Halts Repayments as it Seeks Restructuring
Polarcus Limited decided to formally address its long term financing structure with the aim of restructuring the Company's balance sheet and halt all payments of interest and amortization to all of its finance providers. In line with the Company's "2015 Agenda" earlier communicated, the Company has over the last twelve months taken a number of measures to improve its financial situation. The sales functions have been restructured and the Company's cost base has been significantly reduced.
Polarcus Q3 Vessel Utilization Rises
Polarcus Limited announced the release of the Company's Third Quarter 2015 vessel utilization. The Company will be releasing its Third Quarter 2015 Report on 29 October 2015 at approximately 07:00hrs CET (10:00hrs UAE). A webcast and conference call will be hosted by Polarcus commencing at 08:00hrs CET (11:00hrs UAE). Conference call dial-in information will be published on 15 October 2015.
Polarcus Awarded Project Off West Africa
Polarcus Limited informs it has received a Letter of Intent (LOI) from an undisclosed client for a 3D marine seismic project offshore West Africa utilizing Polarcus' RightBAND technique for broadband data acquisition. The project, subject to the execution of a service contract, will commence in Q3 2015 and is expected to run for approximately 60 days.
Polarcus Divests from Select Projects in Europe, Africa
Polarcus Limited announced it has signed a Letter of Intent (LOI) with TGS-NOPEC Geophysical Company ASA (TGS) for the sale of its multi-client projects in Northwest Europe and West Africa (MC Projects) in return for a cash consideration of $27.5 million and future revenue share on library late sales. The agreement includes an upfront cash payment, a tiered revenue share from future sales of the divested MC Projects and further contains cash payments for costs deferred under existing contractual agreements.
Polarcus Q4 Vessel Utilization Drops
Norwegian seismic explorer Polarcus' said its vessel utilisation dropped in the fourth quarter and it expected a challenging market through 2015. The firm had a combined contract and multi-client fleet utilisation of 70 percent in the fourth quarter, down from 74 percent in the same period a year ago, it said in a statement on Thursday. Polarcus said it now has a order backlog of $320 million, slightly down from $325 million announced on Nov. 13. (Reporting by Stine Jacobsen
Polarcus Awarded 3D Project Off West Africa
Polarcus Limited has signed a letter of intent with Perenco Oil & Gas Gabon S.A. for a 3D marine seismic acquisition project offshore West Africa. The project, to be acquired by Polarcus Nadia and subject to the execution of a service contract, will commence in the first quarter of 2015 and is expected to run for approximately 21 days.
Norway Wants Oil & Gas Licensing Round before Christmas
Norway hopes to launch its 23rd oil and gas licensing round before Christmas, though that timeline is still subject to change, Bente Nyland, the head of the Norwegian Petroleum Directorate said on Wednesday. Norway earlier said it plans to award oil and gas licenses in new offshore areas, including in an important Arctic zone bordering Russia, in the first half of 2016 and expects applications in the second half of 2015. The licencing round will be a key source of revenue for Norway's top seismic explorers including TGS…
Drydocks World's to build BorWin3
Drydocks World signed an agreement today with Petrofac to build the BorWin3 high voltage direct current (HVDC) converter platform in the North Sea, named BorWin gamma. When completed, this will provide an essential renewable offshore resource to meet increasing energy demands. Drydocks World has successfully secured the contract for the fabrication, commissioning and load out of the BorWin3 platform, which will transmit electricity from the connected offshore wind farms to the mainland of Germany.
Polarcus Insiders Scoop up Shares
- Peter Rigg, Chairman of the Board, has on 07 October 2014 acquired 150,000 shares at a price of NOK 1.40 per share. Following the transaction he owns 434,880 shares. - Hege Sjo, board member, has on 07 October 2014 acquired 111,429 shares at a price of NOK 1.40 per share. Following the transaction she owns 461,309 shares. - Tore Karlsson, board member, has on 07 October 2014, through his wholly owned company Kepelia Enterprises Company Limited, acquired 100,000 shares at a price of NOK 1.40 per share.
Drydocks World to Participate in SMM 2014
Drydocks World, the leading provider of maritime and offshore services to the shipping, oil, gas, and energy sectors, will participate in the prestigious 26th edition of Shipbuilding, Machinery, and Marine Technology (SMM) Exhibition, from September 9-12, 2014. Taking place in the strategic shipping hub of Hamburg, Germany, Drydocks World will attend SMM 2014 with representatives from Maritime World, Dubai Chamber and Dubai Council for Marine and Maritime Industries.
