Polarcus divests Capreolus multi-client asset

Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) announces that a subsidiary of the Company has signed an agreement for the sale of its 22,130 sq.km. Capreolus 3D survey offshore Australia in return for a cash consideration of USD 6.5 million.The transaction will result in a non-cash...

Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) announces that a subsidiary of the Company has signed an agreement for the sale of its 22,130 sq.km. Capreolus 3D survey offshore Australia in return for a cash consideration of USD 6.5 million.

The transaction will result in a non-cash gain of approximately USD 4.9 million.

The transaction is subject to the execution of ancillary agreements with target closing date on or before 31 July 2018.

Contacts

Duncan Eley, CEO
+971 4 436 0915
[email protected]

Hans-Peter Burlid, CFO
+971 50 559 8175
[email protected]

About Polarcus

Polarcus (OSE: PLCS) is an innovative marine geophysical company with a pioneering environmental agenda, delivering high-end towed streamer data acquisition and imaging services from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating leading-edge maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects with advanced onboard processing solutions and employs approximately 350 professionals worldwide. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com

 

---