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.
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