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2016-01-27

Polarcus Limited: Extraordinary General Meeting approves restructuring plan

Reference is made to the stock exchange releases issued on 6 January 2016 in
which Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) announced a
restructuring plan with support from key stakeholders (the "Restructuring")
and gave notice of an Extraordinary General Meeting (the "EGM") as well as
the stock exchange release issued on 22 January in which the Company
announced approval of the Restructuring by investors in all the three Bond
Issues.

The EGM of Polarcus Limited was duly held today at the offices of Polarcus
DMCC, Almas Tower, Level 32, Jumeirah Lakes Towers, Dubai, U.A.E.

The following shareholder resolutions were passed:

1.1 approval of Restructuring

1.2 approval of increase in and amendment to the authorized share capital and
amendment to Memorandum of Association

1.3 approval of Debt Conversion and issue of shares.

The Minutes of Meeting recording the resolutions passed and the updated
Amended and Restated Memorandum and Articles of Association are attached.

This final step in the approval of the Restructuring means that a majority of
stakeholders in all stakeholder groups have approved the plan. As a result,
the Restructuring will now be implemented by finalizing the final
documentation which now is the last step and condition for the completion for
the Restructuring.

The Restructuring provides the Company with lower debt service and an improved
balance sheet. The Restructuring will reduce the Company's debt level
significantly with renegotiated lease terms and the introduction of new call
option prices for the bonds corresponding to a target debt reduction of USD
280 million. In addition, debt service payments during the next two years
will be reduced by approximately USD 140 million. All trade creditors of the
Company and its subsidiaries will remain unimpaired and will continue to be
paid in full.

The Board and Management of Polarcus would like to thank all its lenders,
bondholders, lease providers and shareholders who have contributed to the
Restructuring solution. Without the continued support of the finance
providers, a successful restructuring would not have been possible. The Board
and Management would also like to thank its advisors ABG Sundal Collier,
Wiersholm and Deloitte for their support in the process.

Rod Starr, Polarcus CEO, commented:"The Company's right sized and uniform
fleet of high-end vessels and
operational excellence combined with innovative acquisition techniques and
fast track processing sets the company in the forefront of marine seismic.
This financial restructuring together with our current cash position,
industry leading backlog and continued focus on cost efficiency will position
the Company for sustainability and future growth."

Contacts

Rod Starr, CEO
+971 44 360 819
rod.starr@polarcus.com

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)

MEMORANDUM AND ARTICLES OF ASSOCIATION
http://hugin.info/151377/R/1981475/725982.pdf
EGM Minutes 27 Jan 2016
http://hugin.info/151377/R/1981475/725981.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#1981475

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