Update on previously announced Letter of Intent, offshore West Africa

4 Aug 2014

Reference is made to the stock exchange notice published by Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) on 16 June 2014 regarding the receipt of a Letter of Intent (“LOI”) for a 3D marine seismic acquisition project for an undisclosed client offshore West Africa.

The Company informs that subsequent to equity changes in the relevant license block, the referenced LOI has not materialized in a service contract.

Contacts

Rolf Rønningen, 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 (OSE: 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 500 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)