Dolphin Group ASA (Dolphin) has formally exercised this option and will charter M/V Polar Duchess from Armada Seismic ASA for an initial firm period of 3 years. Dolphin can further extend the Charter by one extension period of 8 years, or two extension periods of 4 years each. The M/V Polar Duchess is expected to be taken on full charter in early April 2012 and be in operation during April 2012.

M/V Polar Duchess is a modern high-capacity 3D seismic vessel, with a towing capacity of 14 seismic cables and has been designed with strong focus on safety, optimised towing and a maximum speed of 20 knots. Polar Duchess will be a sister ship to Polar Duke, which has performed flawlessly since she was launched in May 2011. The new Vessel is part of Dolphin's original company expansion plan.

Dolphin will be responsible for the seismic equipment investment of approximately USD 55 million dollars and the technical seismic design and outfitting, which will be performed during first quarter of 2012. Dolphin has previously raised equity capital for the project and is finalising additional external financing for the seismic equipment.

Tags: Dolphin Group ASA (Dolphin)