Dr. Henrik Madsen appointed to Polarcus Board

The 2016 Annual General Meeting in Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) held on 3 May 2017 approved the following changes to the Board of Directors of the Company.

Dr. Henrik Madsen was elected as a Director for a term of two years.

Dr. Madsen is an experienced chairman and non-executive director who is a prominent and successful international businessman and pioneering engineer. He is well known as the former Chief Executive for DNV GL where he led the company to a USD 2.4 billion turnover and developed it to become a key player in strategic innovation and risk management for the oil and gas and energy sectors. He is a member of the World Council for Sustainable Development, and has been appointed as a board member for the UN Global Compact. He was elected into the United States Offshore Energy Center Technology Hall of Fame as an offshore pioneer in 2002. Appointed by the Government of Norway, he serves as Chairman of the Board of the Research Council of Norway. Dr. Madsen has a PhD in civil and structural engineering from the Technical University of Denmark. He is a Danish citizen and resides in Denmark.

Outgoing Director, Mr. Arnstein Wigestrand had previously informed the Company that he was not available for re-election at the 2017 Annual General Meeting.

Mr. Peter Rigg was re-elected as Chairman of the Board for a term of one year. Mr. Nicholas Smith was re-elected as a Director for a term of two years.  Mr. Erik Mathiesen, Mr. Tom Henning Slethei and Mr. Peter Zickerman were re-elected as Directors for a term of one year each.

Following these changes, the Polarcus Board of Directors comprises the following members: Mr. Peter Rigg (Chairman), Dr. Henrik Madsen, Mr. Nicholas Smith, Mrs. Karen El-Tawil, Mr. Erik Mathiesen, Mr. Tom Henning Slethei and Mr. Peter Zickerman.

Chairman, Peter Rigg said “I welcome our new Director, Dr. Madsen, who brings a wealth of industry experience to the Polarcus Board. I look forward to working with the Board and the Company’s management team to deliver our strategic and financial goals and ultimately deliver value to our shareholders. I would also like to thank Mr. Wigestrand for his hard work and commitment during his four-year tenure on the Polarcus Board of Directors. “



Duncan Eley, CEO
+971 4 436 0800

Hans-Peter Burlid, CFO
+971 50 559 8175


About Polarcus

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


This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.