Polarcus successfully completes Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Reference is made to the notice published by Polarcus Limited on 18 November 2010 regarding the signing of two new shipbuilding contracts and the associated launch of an equity issue through a private placement (the "Private Placement") of new shares.

The Board of Directors (the "Board") of Polarcus Limited ("Polarcus" or the "Company") (OAX: PLCS) is pleased to announce that the Private Placement has been successfully subscribed for and allocated.

The book-building period for the Private Placement closed on 18 November 2010, and the Board has resolved to allocate 73,400,000 new shares at a subscription price of NOK 5.30 per share. Total gross proceeds from the Private Placement amounted to approximately USD 65 million, and the Company will have 403,996,179 shares outstanding after the Private Placement.

Allocation notices will be sent today, 19 November 2010. Payment of shares will be 24 November 2010. Placement Shares (in the form of depository receipts) will be registered on a separate International Securities Identification Number (ISIN). Listing and trading of the Placement Shares on Oslo Axess is subject to approval of a listing prospectus by the Norwegian Financial Supervisory Authority ("FSA"), at which time the Placement Shares will be transferred to the same ISIN as the existing shares of the Company. The approval of the listing prospectus is expected to take place on or about 24 November 2010. Allocated shares are expected to be delivered on 24 November 2010.

The Private Placement was managed by ABG Sundal Collier ASA, SEB Enskilda AS, Pareto Securities AS, and DnB NOR Markets, part of DnB NOR Bank ASA.

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)