TPAO gets hands on Polarcus vessel

Reflagging: Polarcus Samur is coming under Turkish ownership

POLARCUS

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Steve Marshall

 02 January 2013 14:41 GMT

Norwegian seismic contractor Polarcus has wrapped up the sale of one of its vessels to Turkish state-owned energy company TPAO under a collaboration deal worth a total of $213 million.

TPAO is set to take delivery of the acquired eight-streamer 3D seismic vessel Polarcus Samur around the turn of the month after the pair finalised the agreement for sale and reflagging of the unit.

As well as disposing of the vessel, Polarcus will provide seismic data acquisition, data processing, crewing and management services over a three-year period under the earlier announced pact.

The deal reflects increasing interest among Mediterranean countries in shooting seismic with a view to exploration in their offshore waters, spurred by major gas discoveries off Cyprus and Israel, as they…

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