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2016-04-15

Polarcus Limited: Close-out of the Financial Supervisory Authority of Norway's Request for Information

Reference is made to the stock exchange notice published on 06 January 2016 in
which Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) announced
that the Financial Supervisory Authority of Norway (the "FSA") requested
information regarding certain topics in the Company's financial statements
for 2014.

The Company has received the concluding close-out letter from the FSA
following their review of certain aspects of the annual 2014, and interim
Q2-15 and Q3-15 financial statements of Polarcus (the "Financial
Statements").

The review focused primarily on the going concern assumption, liquidity risk
disclosures and vessel impairment testing.

The FSA's conclusion is that there are no material errors in the numbers
previously published. The FSA do suggest, however, that certain information
included in the Company's publicly available presentation materials should
have also been included in the going concern notes in the Financial
Statements. The Company is of the opinion that it provided progressively more
precise and complete information regarding its going concern assumptions in
each of its financial statements published from the Q2-15 report onwards.
This was consistent with the Company's economic situation and its assumptions
as market conditions evolved over time.

The FSA is furthermore of the opinion that disclosures in the 2014 Annual
Report regarding liquidity risk were insufficient, as a maturity profile
presenting shorter intervals than the one given by the Company should have
been disclosed. The shortest period the Company disclosed a maturity table
was for the period within one year. The FSA is of the opinion that the
Company should have shown a further split of the maturity profile falling
into four separate quarterly periods for the same period within one year. The
Company included such shorter intervals in all of its financial statements
published for Q2-15 and thereafter, which was consistent with the Company's
economic situation as market conditions evolved over time.

The FSA reviewed the Company's impairment test performed on the carrying
values of its seismic vessels and equipment at 31 December 2014. The FSA
supported the methodology used by the Company to perform the test in 2014,
which was the fair value less costs to sell method. The FSA did not review
the Company's impairment test performed in Q4 2015. In Q4 2015, the Company's
impairment test was performed using the value-in-use method, as the Company
was of the opinion that the fair value less costs to sell method was not
supportable in 2015 due to there being insufficient independent market
transactions for the type of assets being tested for impairment.

The Company expects the FSA to publish their concluding letter next week.

Contacts

Hans-Peter Burlid, CFO
+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)

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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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