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2016-02-29

Polarcus Limited: Fourth quarter and preliminary full year 2015 report - Gaining market share while restructuring the balance sheet

Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) announces the
release of its fourth quarter and preliminary full year 2015 financial
statements.

Highlights in the fourth quarter 2015:

* Revenues of USD 72.5 million, down 22% from Q4 2014
* Gross cost of sales of USD 54.3 million, down 26% from Q4 2014
* Cash from operations of USD 28.6 million, up 263% from Q4 2014
* Multi-Client prefunding ratio of 104%
* Non-cash impairment of USD 242 million relating to carrying values of
vessels, equipment and intangibles
* Completion of financial restructuring post quarter end
* Backlog USD 210 million

"The fourth quarter was one in which we saw the culmination of significant
efforts across the organization to successfully execute our 2015 Agenda. We
increased market share, announcing nine awards since the end of the last
quarter, maintaining an industry-leading backlog. We delivered significant
cost reductions, with a 26% decrease in gross cost of sales compared to the
same quarter the previous year, with further future cost savings expected
following the organizational changes announced post quarter end. Finally, we
restructured the balance sheet, which was formally completed in the first
quarter 2016, giving us a potential debt reduction of USD 280 million. In
addition, we reduce debt service payments by USD 140 million over the next
two years alone.

Despite a reduction in revenues, we generated cash from operations of USD 28.6
million in the quarter, significantly higher than in the same quarter the
previous year. Our investment in Multi-Client remained disciplined, and we
recorded a high prefunding level of 104% in the quarter.

The Company begins 2016 in a stronger position than ever before; with a higher
market share, a lower cost base and a lower debt burden. Although the market
outlook remains challenging during the year ahead, we remain confident that
we are well positioned for this prolonged downturn."

Rod Starr
Chief Executive Officer

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| KEY FINANCIALS Quarter ended Year ended |
| (In millions of USD) 31-Dec-15 31-Dec-14 31-Dec-15 31-Dec-14 |
| Revenues 72.5 93.3 377.5 466.7 |
| Cost of sales (53.2) (68.3) (191.2) (286.2) |
| EBITDA 1.5 17.1 144.8 150.1 |
| EBIT (before impairments) (28.1) (25.5) 3.1 33.8 |
| Impairments (247.5) (28.7) (315.4) (35.1) |
| EBIT (after impairments) (275.4) (54.2) (312.3) (1.3) |
| Net Financial Income/(Expenses) (11.0) (16.4) (48.8) (63.5) |
| Net profit / (loss) for the period (287.3) (80.0) (372.2) (78.6) |
| Earnings / (loss) per share (USD) (4.29) (0.12) (5.56) (0.15) |
| Net cash flows from operating activities 28.6 7.9 167.5 157.8 |
| Total assets (period end) 847.1 1,239.2 847.1 1,239.2 |
| Total liabilities (period end) 733.3 753.7 733.3 753.7 |
| Total Equity (period end) 113.8 485.5 113.8 485.5 |
| Equity Ratio 13% 39% 13% 39% |
| PP&E cash investment 1.0 8.7 15.1 52.7 |
| Multi-client projects cash investment 11.6 12.2 97.0 46.9 |
| Total cash (period end) 68.5 73.7 68.5 73.7 |
| Net interest bearing debt (period end) 588.1 609.1 588.1 609.4 |
--------------------------------------------------------------------------------------------

Contacts

Rod Starr, CEO
+971 4 436 0800
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,
visit www.polarcus.com

Disclaimer

The information included herein may contain forward-looking statements.
Forward-looking statements include all statements that are not historical
facts, including but not limited to statements expressing or implying the
Company's intent, belief or current expectations with respect to, among other
things, forecasts, estimates, and predictions. Such forward-looking
statements necessarily involve risks and uncertainties and are dependent on
assumptions, information, data or methods that may be incorrect or imprecise.
Actual results could differ materially from expectations expressed in the
forward-looking statements if one or more of the underlying assumptions or
expectations proves to be inaccurate or is unrealized. Some factors that
could cause actual results to differ materially from those in the
forward-looking statements include, but are not limited to, developments in
the oil and gas industry, the demand for seismic services, the demand for
data from the Company's multi-client library, currency risks, political
risks, regulatory risks, and unexpected operational setbacks. For a further
description of other relevant risk factors we refer to our 2014 Annual
Report. The reservation is also made that inaccuracies or mistakes may occur
in the information given above concerning the current status of the Company
or its business. Any reliance on the information given above is at the risk
of the reader, and Polarcus disclaims any and all liability in this respect.

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

Polarcus fourth quarter and preliminary full year 2015 presentation
http://hugin.info/151377/R/1990028/731031.pdf
Polarcus fourth quarter and preliminary full year 2015 report
http://hugin.info/151377/R/1990028/731030.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#1990028

Författare WKR

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