Polarcus Board approves 2014 IFRS Financial Statements

The Board of Directors of Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) has approved the 2014 annual financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”).

Polarcus reported its IFRS unaudited fourth quarter and preliminary full year 2014 results on 10 February 2015. Compared to the preliminary results the Company recorded an additional operational expense of USD 6.6 million due to a bad debt provision, causing reported EBITDA, EBIT and net income for 2014, and net accounts receivable in the balance sheet, to be reduced with the same amount. There were no other material changes to the consolidated financial statements compared to those presented in the February earnings release.

The Polarcus 2014 Annual Report is attached hereto, and is in addition available for download from www.polarcus.com along with the Company’s 2014 Corporate Social Responsibility and Corporate Governance Reports.


Rod Starr, CEO Polarcus
+971 4 436 0800

Tom Henrik Sundby, CFO Polarcus
+971 50 708 6480


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 over 600 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)