Polarcus receives Letter of Intent for 3D seismic acquisition

Polarcus Limited (OAX: PLCS) is pleased to announce that the Company has received a Letter of Intent for a 3D offshore seismic acquisition project for an undisclosed client. The project, subject to the execution of a service contract, will commence in Q2 2011 and is expected to run for approximately 100 days. As a result of this announcement the Company’s backlog at date has increased to 23 vessel months in total.

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 (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 400 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)