Polarcus Limited – Successful placement of new bond issue

Polarcus Limited ("Polarcus" or "the Company") (OAX: PLCS) has successfully completed an issuance of a USD 80 million bond in the international bond market. Final maturity date is 29 October 2015. An application will be made for listing of the bonds on the Oslo Alternative Bond Market. The bond issue was significantly oversubscribed.
The bonds will be issued with a coupon of 12.50% p.a., to be paid semi-annually. Together with a bank facility of USD 55 million and the completed equity private placement announced 14 October 2010, the bond issue will enable the Company to i.a. finance the acquisition and completion of the vessel POLARCUS ALIMA, scheduled to be delivered from the shipyard in Q1, 2011. The Polarcus fleet will count five vessels after the delivery of POLARCUS ALIMA.
ABG Sundal Collier Norge ASA and Pareto Securities AS have acted as Managers of the bond issue.
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)