Polarcus Limited has entered a memorandum of understanding (MoU) to collaborate with TGS-NOPEC Geophysical Company (TGS) to jointly develop selected 3D multi-client projects. 

New projects taken under the collaboration agreement will be announced separately as they occur.

In addition, under the collaboration agreement, TGS will extend its vessel deal with Polarcus signed in June 2015 for the charter of 3D vessel capacity.

This extension will be valid through the end of 2017 for up to 10,000km².

"The collaboration will drive vessel utilisation."

Polarcus CEO Rod Starr said: "Polarcus is pleased to collaborate on its multi-client projects with TGS. The agreement will leverage the core strengths and expertise of both parties.

"The collaboration will drive vessel utilisation, as well as allow Polarcus to expand its multi-client business with limited capital investment."

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By GlobalData

Polarcus is a marine geophysical company, delivering high-end towed streamer data acquisition and imaging services. It operates a fleet of high-performance 3D seismic vessels incorporating maritime technologies for improved safety and efficiency.

It offers contract seismic surveys and multi-client projects with advanced onboard processing solutions and employs nearly 500 professionals worldwide.

The company has its principal office in Dubai, United Arab Emirates.