Polarcus seismic project terminated

Dubai-based offshore survey firm Polarcus has announced that a contract the company secured for providing 3D seismic data acquisition services in Asia Pacific has been terminated by the client after the company’s fleet has been seized by lenders.

Polarcus said the assigned vessel to the project has not been made available to the company, and an alternative vessel could not be sourced. The client has therefore terminated the contract and indicated that it intends to pursue the relevant Polarcus subsidiary for damages.

In February, lenders to Polarcus withdrew support to the company and all of the company’s ships will be brought into anchorage and readied for sale, while liquidators from London and Cayman Islands were appointed to oversee the coming weeks and months of the company.