Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) announces the award of 1,300,000 share options to the Company's recently appointed Chief Executive Officer, Mr. Duncan Eley. The award is in accordance with the Company's 2016 share option plan of which the main terms were approved in the Annual General Meeting on 12 May 2016.
The awarded share options (the "Options") have an exercise price of NOK 0.24, being the volume weighted average price for which the Polarcus shares have been traded at Oslo Stock Exchange in the prior 30-day trading period.
The Options are exercisable in three equal tranches (two years, three years and four years after grant), and expire seven years after grant.
The exercise of the Options is conditional upon the 30 days' volume weighted average price of the Share exceeding the exercise price by at least 30% at one time during the exercise period.
Following the award, Mr. Eley holds 2,658,500 Options under the 2016 share option plan and 50,000 shares.
Hans-Peter Burlid, CFO
+971 50 559 8175
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 nearly 500 professionals worldwide. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com