Polarcus receives Letter of Award from Nexen

20 Apr 2010

Polarcus Limited (OAX: PLCS) announced today that it has received a Letter of Award from Nexen Petroleum U.K. Limited. for a 3D seismic acquisition project in the UK sector of the North Sea. The project will be acquired by POLARCUS NAILA, the Company's second 12 streamer 3D seismic vessel. The project will commence in June 2010 and is expected to run for approximately 25 days.

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