Polarcus Board approves 2008 Annual Report

The Board of Directors of Polarcus Limited ('Polarcus' or the 'Company') (Norwegian OTC List: PLCS) has today approved the 2008 annual financial statements prepared in accordance with International Financial Reporting Standards ("IFRS").

 

The Company reported its IFRS unaudited 4th quarter and preliminary full year 2008 results on 4 February 2009. Compared to the preliminary results, the Company has further increased the value of vessels under construction by USD 14.3 million. This adjustment resulted in total value of vessels under construction being increased from USD 165.7 million to USD 180 million, with an equal increase in accounts payable. There were no other changes to the consolidated financial statements compared to those presented in the February earnings release.

 

The Company expects to submit the annual report to the Company's shareholders latest 15 April 2009. 

 

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 an ultra-modern fleet of initially 6 advanced seismic vessels designed by Norway's Ulstein Design AS incorporating the innovative ULSTEIN X-BOW® hull. The vessels are being built in Dubai, UAE, by Drydocks World – Dubai LLC, with the first vessels becoming operational in 2009. www.polarcus.com