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2016-05-09

Polarcus Limited: Approval of prospectus - completion of share merger and listing of bonds

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, HONG KONG, JAPAN, SINGAPORE OR THE UNITED
STATES

Reference is made to the stock exchange release published on 25 February 2016
in which Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) announced
completion of the Company's financial restructuring (the "Restructuring").

Reference is also made to the stock exchange releases published on 9 March
2016 in which Polarcus announced the issuance of Class B shares (the "Class B
Shares") as part of the completion of the Restructuring as well as to the
stock exchange notice published on 15 April 2016 in which Polarcus announced
the repurchase all of the issued Class B Shares in consideration for the
issue of an equal number of ordinary shares of par value USD 0.20 (the "New
Ordinary Shares") and that subject to approval of the listing prospectus, the
New Ordinary Shares will obtain the same ISIN as the ordinary shares and be
listed on the Oslo Stock Exchange.

Polarcus is pleased to announce that the Norwegian Financial Supervisory
Authority has today approved the prospectus of the Company dated 9 May 2016,
for listing of 463,491,579 New Ordinary Shares. The Prospectus also concludes
the listing of tranche B of the USD 95 million Senior Unsecured Bond Issue
2013/2018 and tranche B of the NOK 350/500 million Senior Unsecured Bond
Issue 2014/2019 (the "B Bonds").

The New Ordinary Shares have until now been registered in the Norwegian
Central Securities Depository (VPS) under a separate temporary ISIN, being
KYG7153K1408 and registered on the N-OTC under the ticker "PLCSB". The New
Ordinary Shares will on 10 May 2016 assume the ordinary ISIN of the Company's
shares, KYG7153K1085, and be traded on Oslo Børs under the Company's trading
symbol "PLCS".

The B Bonds will on 10 May 2016 be traded on Oslo Børs. Tranche B of the USD
95 million Senior Unsecured Bond Issue 2013/2018 will trade under the ticker
"PLCS02-B" and trance B of the NOK 350/500 million Senior Unsecured Bond
Issue 2014/2019 will trade under the ticker "PLCS03-B".

The Prospectus is available onwww.polarcus.com. Hard copies of the Prospectus
may be obtained at the offices of Polarcus Limited, Almas Tower, Level 32,
Jumeirah Lakes Towers, PO Box 283373, Dubai, U.A.E.

For more information, please refer to theProspectus

Contacts

Hans-Peter Burlid, CFO
+971 50 559 8175
hp.burlid@polarcus.com

Ben Boiling, Corporate Controller
+971 50 600 6522
ben.boiling@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)

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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

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