Successful completion of Initial Public Offering

Polarcus Limited ('Polarcus' or the ‘Company') has successfully completed its Initial Public Offering. The Board of Directors of Polarcus has on Sunday 27 September 2009 resolved to issue 161,388,889 new shares at a price of NOK 4.50. In addition 24,208,111 shares were allotted under the over-allotment facility granted by the Company to ABG Sundal Collier Norge ASA and SEB Enskilda AS. The Initial Public Offering was significantly oversubscribed when the subscription period expired on 25 September 2009 at 17:30 CET. Gross proceeds from the offering of new shares (before over- allotment) amounted to NOK 726,250,000.

 

Chairman of the Board, Peter Rigg, comments: "We are delighted to have completed such a successful offering. Financial market conditions have been difficult for many months, however our offering of a fleet of modern vessels with unique environmental credentials operated by a proven management team has clearly proved attractive to investors. We are very grateful to them for their support."

 

The offering is conditional upon the Board of Directors of Oslo Børs ASA approving Polarcus for listing on Oslo Axess. Subject to such approval the shares in Polarcus will be listed on Oslo Axess on or about 30 September 2009. The Polarcus shares will trade on the Oslo Axess under the ticker symbol ‘PLCS'.

 

Notices regarding allotment will be issued on or about 28 September and the transfer of shares is expected to take place on or about 30 September. The transfer of shares is dependent on the payment conditions as described in the prospectus dated 15 September 2009.

 

Polarcus will have a total of 263,174,820 shares (prior to the over-allotment facility) after the completion of the offering. This implies a market capitalisation of the Company of approx. NOK 1,200 million after the offering. A wide range of international and Norwegian investors subscribed for shares in the offering and Polarcus will have more than 200 shareholders after the completion of the offering.

 

In addition, up to 24,208,111 shares were over-allotted pursuant to the over-allotment facility. A separate press release will be issued regarding the over-allotment and stabilization activities.

 

ABG Sundal Collier Norge ASA and SEB Enskilda AS have acted as Joint Global Coordinators and Bookrunners for the Offering and Listing of Polarcus. In addition, Invest AD – The Abu Dhabi Investment Company acted as Lead Placing Agent. Investors, who have questions to the allotment, may contact ABG Sundal Collier Norge ASA or SEB Enskilda AS.

 

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 an ultra-modern fleet of initially 4 advanced seismic vessels designed by Norway's Ulstein Design AS incorporating the innovative ULSTEIN X-BOW® hull, with the first vessels becoming operational in 2009