Polarcus Limited – Completed Private Placement

Polarcus Limited ("Polarcus" or the "Company") (OAX: PLCS).
Reference is made to the stock exchange release dated 13 October 2010 regarding the proposed private placement (the "Private Placement") of new shares.
The Board of Directors (the "Board") of Polarcus is pleased to announce that the Private Placement has been successfully subscribed for and allocated.
The book-building period for the Private Placement closed on 13 October 2010, and the Board has proposed to allocate 67,421,359 new shares at a subscription price of NOK 5.15 per share. Gross proceeds amount to approximately USD 60 million. The Private Placement was multiple times oversubscribed at the subscription price.
Allocation notices will be sent today, 14 October 2010. The Managers have entered into an agreement with certain shareholders to borrow existing shares. Hence allocated shares will be immediately tradable. Payment of shares and delivery is expected to be 19 October 2010.
The share capital increase will be registered, with new shares registered at a separate ISIN number and may not be traded until the Company has issued a listing prospectus and the new shares have been registered in the VPS under the Company's ordinary ISIN.
The Board will propose to conduct a subsequent repair issue of up to USD 5 million at the same price to existing shareholders that were not offered or invited to participate in the Private Placement.
The Private Placement was managed by ABG Sundal Collier ASA, Pareto Securities AS and SEB Enskilda AS.
Contemplated Bond Issue
 
The Company has appointed ABG Sundal Collier ASA and Pareto Securities AS to advise on and effect a new senior secured bond issue of 80 USD million. Terms and conditions will be announced.
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

 
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)