Polarcus receives Letter of Intent from OMEL

4 Aug 2010

Polarcus Limited (OAX: PLCS) announced today that the Company, in association with its partner Sonar Limited, has received a Letter of Intent from OMEL Exploration and Production Nigeria Limited for a 530 square kilometer 3D seismic acquisition project over block OPL 279, offshore Nigeria. The project, to be acquired by POLARCUS NAILA, will commence in October 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 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)