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2016-01-13

Polarcus Limited: Amendments to application agreement and notice of coupon payment to bondholders in connection with the restructuring proposal

Reference is made to the stock exchange notice published on 6 January 2016 in
which Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) summoned to
bondholders' meeting in following Bond Issues;

ISIN NO 001 068015.5
- 8 per cent Polarcus Limited Senior Unsecured Callable Bond Issue 2013/2018

ISIN NO 001 071438.8
- FRN Polarcus Limited Senior Unsecured Callable Bond Issue 2014/2019

ISIN NO 001 067043.5
- 2.875% Polarcus Limited Secured Convertible Bond Issue 2011/2016

Certain amendments have been made to the mix and match application agreement
which was attached to the summons as Annex D. The revised application
agreement together with a cover letter explaining the changes are attached
hereto.

Furthermore, a notice from the bond trustee regarding payment of coupon in the
restructuring has been published today. The notice from the bond trustee is
attached hereto.

Contacts

Tom Henrik Sundby, CFO
+971 50 708 6480
tom.sundby@polarcus.com

Hans-Peter Burlid, VP Finance&Investor Relations
+971 50 559 8175
hp.burlid@polarcus.com

About Polarcus

Polarcus (OSE: PLCS) is an innovative marine geophysical company with a
pioneering environmental agenda, delivering high-end towed streamer data
acquisition and imaging services from Pole to Pole. Polarcus operates a fleet
of high performance 3D seismic vessels incorporating leading-edge maritime
technologies for improved safety and efficiency. Polarcus offers contract
seismic surveys and multi-client projects with advanced onboard processing
solutions and employs nearly 500 professionals worldwide. The Company's
principal office is in Dubai, United Arab Emirates. For more information,
visitwww.polarcus.com

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

Revised application
http://hugin.info/151377/R/1978628/724651.pdf
Information to bondholders regarding interest payment
http://hugin.info/151377/R/1978628/724653.PDF

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Polarcus Limited via Globenewswire

HUG#1978628

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