Extraordinary General Meeting approves restructuring plan

Reference is made to the stock exchange releases issued on 6 January 2016 in which Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) announced a restructuring plan with support from key stakeholders (the “Restructuring”) and gave notice of an Extraordinary General Meeting (the “EGM”) as well as the stock exchange release issued on 22 January in which the Company announced approval of the Restructuring by investors in all the three Bond Issues.

The EGM of Polarcus Limited was duly held today at the offices of Polarcus DMCC, Almas Tower, Level 32, Jumeirah Lakes Towers, Dubai, U.A.E.

The following shareholder resolutions were passed:

1.1  approval of Restructuring

1.2  approval of increase in and amendment to the authorized share capital and amendment to Memorandum of Association

1.3  approval of Debt Conversion and issue of shares.

The Minutes of Meeting recording the resolutions passed and the updated Amended and Restated Memorandum and Articles of Association are attached.

This final step in the approval of the Restructuring means that a majority of stakeholders in all stakeholder groups have approved the plan. As a result, the Restructuring will now be implemented by finalizing the final documentation which now is the last step and condition for the completion for the Restructuring.

The Restructuring provides the Company with lower debt service and an improved balance sheet. The Restructuring will reduce the Company’s debt level significantly with renegotiated lease terms and the introduction of new call option prices for the bonds corresponding to a target debt reduction of USD 280 million. In addition, debt service payments during the next two years will be reduced by approximately USD 140 million. All trade creditors of the Company and its subsidiaries will remain unimpaired and will continue to be paid in full.

The Board and Management of Polarcus would like to thank all its lenders, bondholders, lease providers and shareholders who have contributed to the Restructuring solution. Without the continued support of the finance providers, a successful restructuring would not have been possible. The Board and Management would also like to thank its advisors ABG Sundal Collier, Wiersholm and Deloitte for their support in the process.

Rod Starr, Polarcus CEO, commented: “The Company’s right sized and uniform fleet of high-end vessels and operational excellence combined with innovative acquisition techniques and fast track processing sets the company in the forefront of marine seismic. This financial restructuring together with our current cash position, industry leading backlog and continued focus on cost efficiency will position the Company for sustainability and future growth.”



Rod Starr, CEO
+971 44 360 819

Tom Henrik Sundby, CFO
+971 50 708 6480

Hans-Peter Burlid, VP Finance & Investor Relations
+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 of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)