NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES
Reference is made to the stock exchange notice published by Polarcus Limited ("Polarcus" or the "Company") on 07 October 2014 regarding the successful completion of a private placement (the "Private Placement") and a proposed subsequent offering (the "Subsequent Offering").
The purpose of the Subsequent Offering was to allow shareholders who were not invited to participate in the Private Placement to invest on equal terms. The subscription price was therefore set to NOK 1.40 per share equal to the price in the Private Placement. The share has since the Private Placement been trading below that subscription price. Consequently, the Board of Directors has decided not to proceed with the Subsequent Offering.
Rolf Rønningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
Polarcus (OSE: PLCS) 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 operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects worldwide and employs over 500 professionals. The Company's principal office is 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)