Polarcus Board approves 2015 IFRS Financial Statements

The Board of Directors of Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) has approved the 2015 annual financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”).

Polarcus reported its IFRS unaudited fourth quarter and preliminary full year 2015 results on 29 February 2016. Compared to the preliminary results the Company recorded an additional operational expense of USD 1.9 million due to a bad debt provision, causing reported EBITDA, EBIT and net income for 2015, and net accounts receivable in the balance sheet, to be reduced by the same amount. There were no other material changes to the consolidated financial statements compared to those presented in the February earnings release.

Polarcus’ 2015 Annual Report will be made available electronically to the Company’s shareholders in April 2016.



Hans-Peter Burlid, CFO
+971 50 559 8175

Ben Boiling, Corporate Controller
+971 50 600 6522


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)