Polarcus Limited – Private Placement of new Equity

The Board of Directors (the “Board”) of Polarcus Limited (“Polarcus” or the “Company”) (OAX: PLCS) is pleased to announce that it has resolved to issue 57,500,000 new shares through a private placement (the “Private Placement”) to Sabaro Investments Limited.

The new shares were subscribed for at a price of NOK 4.00 per share. Total gross proceeds from the Private Placement will amount to NOK 230 million (approximately USD 40 million). Following the registration of the new shares, the Company will have 467,196,179 shares outstanding. Polarcus does not intend to conduct a subsequent repair issue.

The Private Placement completes the financing of the acquisition of the vessels Polarcus Amani and Polarcus Adira.

The payment for the new shares will take place on or around 21 October 2011. The new shares will be registered at a separate ISIN number and may not be traded on Oslo Axess until the Company has issued a listing prospectus and the new shares have been registered in the VPS under the Company’s ordinary ISIN.


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 500 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)