Polarcus announces cancellation of project in W. Africa

Polarcus refers to its announcement dated 1 November 2018 regarding the award of a 3D marine seismic acquisition project offshore West Africa.

The client has decided to cease operations on the project and the contract has been terminated. The client has accepted that compensation for early termination is payable in these circumstances. Polarcus is engaged in discussions for alternative project opportunities although the Company expects its vessel utilization in Q2, 2020 to be negatively impacted.

 

Source: Polarcus

Share

SUBSCRIBE TO LATEST ENERGY NEWS

Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...