Polarcus, UAE, has signed a conditional Letter of Intent with TGS-NOPEC Geophysical Company (TGS) for the charter of the twelve-streamer 3D seismic vessel 'Polarcus Nadia' for approximately three months commencing in December 2009.
'Polarcus Nadia' is the company's first newbuild twelve-streamer 3D seismic vessel. The vessel's name is derived from the Arabic female name meaning "the beginning, first" and was chosen to signify the successful arrival of the company.
'Polarcus Nadia' is in the final stage of construction at Drydocks World – Dubai in the United Arab Emirates and will mobilize for TGS upon finalisation of contract.
The Letter of Intent includes a right of first refusal for TGS to extend the charter in two six-month increments under pre-agreed commercial terms.
