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2016-05-12

Polarcus Limited: New board members in Polarcus Limited

The 2016 Annual General Meeting in Polarcus Limited ("Polarcus" or the
"Company") (OSE: PLCS) held on 12 May 2016 made following changes to the
composition of the board of directors of the Company.

Mr. Erik Mathiesen, Mr. Tom Henning Slethei and Mr. Peter Zickerman were
elected as new board members with a term of office of one year and Mr.
Christopher Kelsall was elected as a new board member with a term of office
of two years.

Christopher Kelsall
is currently providing independent commercial advisory services within the
energy sector through Pinecote Capital Limited and was previously CFO and
Executive Board member for London listed Mediterranean Oil and Gas until its
sale in August 2014. He has served as Non-Executive Board member and Chair of
Audit Committee for ASX listed AusGold. He has held senior roles at Deutsche
Bank and ABN Amro Rothschild in Hong Kong and London.

Erik Mathiesen
is a Founding partner of Storm Capital Management, London, an independent
asset management firm focusing on energy, transportation and real estate in
the Nordics. He is CEO of Storm Real Estate ASA. He has worked in corporate
finance advisory in shipping and oil services as a partner for EC Hambro
Rabben, London and in corporate banking at Hambros Bank, London.

Tom Henning Slethei
has been an investor in the stock and bond market over almost two decades. He
is Chairman and owner of various companies within real estate and finance. He
has extensive Board experience including as Chair of the nomination and
compensation committees, Noreco ASA, as Chairman of the Board, Jåsund
Utviklingsselskap AS and Sola Bredband AS, and as a Director at Forus
Naeringspark.

Peter Zickerman
has two decades of experience in the seismic industry. He was the Founder of
Eastern Echo Ltd where he held the position of Executive Vice
President&Business Development and was a member of the board. In 2008 he
founded Polarcus Ltd. where he held the position as Executive Vice
President&Head of Strategic Investments until February 2016, and was also a
member of the board between 2008 and 2012. His experience covers both
maritime and seismic operations, strategy and commerce. Peter holds a B.Sc.
in Marine Engineering from Kalmar Maritime Academy, Linnaeus University,
Sweden.

Outgoing directors, Mr. Tore Karlsson, Mr. Carl-Gustav Zickerman and Mr.
Thomas Kichler, informed the Company that they were not available for
re-election at the 2016 Annual General Meeting.

Mr. Peter Rigg was re-elected as Chairman with a term of office of one year
and Mrs. Karen El-Tawil was re-elected as board member with a term of office
of two years.

Following these changes, the board of directors of Polarcus comprises of the
following members: Mr. Peter Rigg (Chairman), Mr. Arnstein Wigestrand, Mrs.
Karen El-Tawil, Mr. Christopher Kelsall, Mr. Erik Mathiesen, Mr. Tom Henning
Slethei and Mr. Peter Zickerman.

Chairman, Peter Rigg said"I'd like to thank all the departing board members
for their hard work and
commitment during their tenure and particularly during the recent
restructuring of Polarcus. I welcome our new directors. I look forward to
working with them and the Company's management to achieve Polarcus' clear
strategic and financial goals and to deliver value to our shareholders."

Contacts

Rod Starr, CEO
+971 4 436 0800
rod.starr@polarcus.com

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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