Approved Prospectus

by polarcus on 23-Nov-10 12:52

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES


Reference is made to the notice published by Polarcus Limited on 14 October 2010 regarding the Completed Private Placement and the Subsequent Offering.


The Financial Supervisory Authority of Norway has today approved the following prospectus:


Listing of 67,421,359 New Shares in Polarcus Limited issued in connection with the October Private Placement completed on 14 October 2010 at a subscription price of NOK 5.15 per New Share


Listing of 73,400,000 New Shares in Polarcus Limited issued in connection with the November Private Placement completed on 18 November 2010 at a subscription price of NOK 5.30 per New Share


Subsequent Offering and Listing on Oslo Axess of up to 5,700,000 Offer Shares in Polarcus Limited at a subscription price of NOK 5.15 per Offer Share, with preferred allocation for Eligible Shareholders as of 13 October 2010


Application Period in the Subsequent Offering:
25 November 2010 at 09:00 CET to 9 December 2010 at 17:30 CET


The Subsequent Offering is managed by ABG Sundal Collier Norge ASA, Pareto Securities AS and SEB Enskilda AS while DnB NOR Markets, part of DnB NOR ASA acted as co-manager for the November Private Placement (together the "Managers").


The prospectus may be obtained at the Company's office, the Managers' offices from 24 November 2010 and Norwegian investors with a VPS account can from 25 November download the Prospectus and the Application Form from www.polarcus.com, www.abgsc.no, www.pareto.no and www.sebenskilda.no.


The New Shares will be listed and tradable on Oslo Axess from and including 24 November 2010.


Contacts


Rolf Ronningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480


About Polarcus


Polarcus is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from Pole to Pole. Polarcus is launching a fleet of modern 3D seismic vessels using the innovative ULSTEIN X-BOW® design and incorporating advanced maritime technologies for improved operational efficiency with a reduced environmental footprint. Polarcus offers contract seismic surveys and multi client projects worldwide and has its principal office in Dubai, United Arab Emirates. For more information, visit www.polarcus.com


This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)