Polarcus Limited announces final pricing of USD 125 million convertible bond offering

Polarcus Limited (OAX: PLCS) ("Polarcus" or the "Company") is pleased to announce that the previously announced offering of USD 125 million principal amount convertible notes (the "Bonds") have been priced.
  
The Bonds to be issued by Polarcus are convertible into common shares of Polarcus, with an annual coupon of 2.875% and a conversion price of USD 1.9345, representing a conversion premium of 32.5% versus the arithmetic mean of the volume weighted average share price of Polarcus' shares on the Oslo Stock Exchange on 12 April 2011 and 13 April 2011, converted at the daily USD:NOK exchange rate provided by the European Central Bank.  The Reference Price is set at USD 1.4600 (NOK 7.9338).
 
The Bonds will be issued at 100% of their principal amount and, unless previously redeemed, converted or cancelled, will mature in April 2016.
 
The Bonds are expected to be issued on 27 April 2011.
 
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 (OAX: PLCS) 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 operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects worldwide and employs over 400 professionals. 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)