Polarcus Limited (Polarcus) (OSE: PLCS) refers to its announcement dated 23 December 2019 regarding the award of an XArray™ marine seismic acquisition project in the Asia Pacific region commencing in Q2 2020.
The client has decided not to proceed with this project and has terminated the seismic data acquisition contract. Polarcus is exploring alternative opportunities for the vessel.
All Polarcus’ other active vessels are in production on various projects stretching into May 2020 and beyond. The Company remains well-positioned to secure further awards for work in 2020.