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Polarcus Limited: Merger of share classes

Reference is made to the stock exchange notice published on 9 March 2016 in
which Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) announced
the issuance of Class B shares (the "Class B Shares") as part of the
completion of the Company's financial restructuring (the "Restructuring").
The Company stated at the time, that it would work towards joining the Class
B Shares with the Company's existing ordinary shares (the "Ordinary Shares")
and as part of the Restructuring, the Company expressly reserved the right to
repurchase the Class B Shares at any time in consideration for the issue of
Ordinary Shares on a one for one basis.

Reference is also made to the stock exchange notice published on 13 April 2016
in which Polarcus announced that the EGM approved the merger of share classes
through a share repurchase (the "Share Repurchase") of Class B Shares.

The Board of Directors on 21 March resolved to repurchase all of the issued
463,491,579 Class B Shares in consideration for the issue of an equal number
of Ordinary Shares (the "New Ordinary Shares") with effective date of 14

The New Ordinary Shares issued as a consideration to holders of Class B Shares
have been issued under a separate temporary ISIN, being KYG7153K1408. The New
Ordinary Shares will continue to be registered on the N-OTC under the ticker
"PLCSB" in place of the Class B Shares. 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, which is expected to take
place in early May.

Since the repurchased Class B Shares have a par value of USD 0.0013 each and
the New Ordinary Shares have a par value of USD 0.20 each, the difference, in
total USD 92,095,776.75, will be transferred from the Company's share premium
account to its share capital account, thus not affecting the total booked
equity in the Company.

Following the issuance of the New Ordinary Shares and the repurchase of Class
B Shares, the Company will have 530,472,947 Ordinary Shares outstanding, each
with a par value of USD 0.20, and zero Class B Shares outstanding.


Hans-Peter Burlid, CFO
+971 50 559 8175

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,

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


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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