Polarcus Limited – Mandatory Notification of Trade

Polarcus Limited ("Polarcus" or the "Company") (OAX: PLCS)

Reference is made to the stock exchange notice dated 19 November 2010 regarding the completed private placement (the "Private Placement") of new shares. The following primary insiders have been allocated new shares in the Private Placement:

Mr. Carl Gustav Zickerman, board member of Polarcus, has today through his wholly owned company Zickerman Holding Ltd, been allocated 377,000 new shares in Polarcus at a subscription price of NOK 5.30 per share. Following the transaction, Mr. Carl Gustav Zickerman owns 37,451,616 shares in Polarcus, corresponding to 9.27% of the outstanding number of shares in the Company following the completion of the Private Placement.

Mr. Carl Peter Zickerman, board member and EVP of Polarcus, has today through his wholly owned company Zickerman Group Ltd, been allocated 113,000 new shares in Polarcus at a subscription price of NOK 5.30 per share. Following the transaction Mr. Carl Peter Zickerman owns 22,840,201 shares in Polarcus.

Mrs. Hege Sjo, board member of Polarcus, has today been allocated 78,000 new shares in Polarcus at a subscription price of NOK 5.30 per share. Following the transaction Mrs. Hege Sjo owns 275,000 shares in Polarcus.

Mrs. Katherine J. Hall, board member of Polarcus, has today been allocated 78,000 new shares in Polarcus at a subscription price of NOK 5.30 per share. Following the transaction Mrs. Katherine J. Hall owns 378,000 shares in Polarcus.

Mr. Rolf Rønningen, CEO of Polarcus, has today been allocated 78,000 new shares in Polarcus at a subscription price of NOK 5.30 per share. Following the transaction Mr. Rolf Rønningen owns 823,800 shares in Polarcus.

Mr. Svein Johnny Naley, SVP Technology of Polarcus, has today been allocated 154,000 new shares in Polarcus at a subscription price of NOK 5.30 per share. Following the transaction Mr. Svein Johnny Naley owns 429,000 shares in Polarcus.

Mr. Christopher Joseph Griffin, VP EHS&Q of Polarcus, has today been allocated 130,000 new shares in Polarcus at a subscription price of NOK 5.30 per share. Following the transaction Mr. Christopher Joseph Griffin owns 570,000 shares in Polarcus.

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)