Polarcus / DMNG partnership receives Letter of Intent from Rosneft

17 Jun 2010

Polarcus Limited (OAX: PLCS) announced today that JSC Dalmorneftegeophysica (DMNG), tendering under the terms of a joint cooperation agreement with Polarcus, has received a Letter of Intent from Rosneft for a 1,030 square kilometer 3D seismic acquisition project in the Russian sector of the Black Sea.

The project will be acquired by POLARCUS ASIMA, the third and largest vessel to date in the Polarcus fleet and the first of the ULSTEIN SX134 design. The project will commence in August after vessel shakedown and transit to the Black Sea, and is expected to run for approximately 40 days.

Contacts

Rolf Ronningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982

Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480

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 a fleet of modern 3D seismic vessels using the innovative ULSTEIN X-BOW® design and incorporating advanced maritime technologies for improved operational efficiency with a reduced environmental footprint. Polarcus offers contract seismic surveys and multi client projects worldwide and has its principal office in Dubai, United Arab Emirates. For more information, visit www.polarcus.com