Polarcus and TGS team up on new 3D survey projects

Dubai’s Polarcus and TGS-NOPEC Geophysical Company have signed a memorandum of understanding (MoU) through which they will jointly develop certain 3D multi-client offshore survey projects.

Seismic vessel operator Polarcus last year agreed to sell 3D multi-client seismic projects in northwest Europe and West Africa to TGS for $27.5m in cash plus a share of future revenues.

Under the new MoU, this agreement will be extended until the end of 2017 for the charter of up to 10,000-sq-km of 3D vessel capacity.

“Polarcus is pleased to collaborate on its multi-client projects with TGS. The agreement will leverage the core strengths and expertise of both parties,” Rod Starr, Polarcus’ CEO, said in a filing.

“The collaboration will drive vessel utilization as well as allow Polarcus to expand its multi-client business with limited capital investment.”

Last month, the survey companies jointly acquired the majority of Dolphin UK’s multi-client library after the company went bankrupt.