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Polarcus Limited: Polarcus announces completion of financial restructuring

Reference is made to the stock exchange release 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").
Reference is also made to the stock exchange releases issued on 22 January in
which the Company announced approval of the Restructuring in bondholders'
meetings in all the three Bond Issues, the stock exchange release issued on
27 January in which the Company announced approval of the Restructuring by
the Extraordinary General Meeting as well as the stock exchange release on 2
February in which the Company announced the result of the "Mix and Match".

Polarcus is pleased to announce that the conditions for the Restructuring have
now been fulfilled and that the various financing agreements have been
amended as contemplated by the Restructuring, and consequently the technical
transformation of the Company's previously issued Bond Issues has been

The Company will issue in total 463,491,579 Class B shares of a nominal or par
value of USD 0.0013 each to the bondholders having chosen Option B within the
"Mix and Match".

The new bonds and Class B shares are expected to be issued within two weeks
from today as soon as the technical transformation is completed. During this
period, and until the Class B shares have been delivered to the respective
bondholders, all existing bonds and new bonds issued in connection with the
Restructuring will be blocked for transfer in the VPS.

Following the issue of the Class B shares, the Company will have an issued
share capital of USD 13,998,812.65 divided into 66,981,368 shares of a
nominal or par value of USD 0.20 each and 463,491,579 Class B shares of a
nominal or par value of USD 0.0013 each, all shares having equal rights in
all respects, including with respect to voting and dividends.

The Company will work towards joining the two share classes, but can give no
guarantee that this will be done as this is subject to conditions outside its
control. The new shares will be sought to be listed on Oslo Børs, subject to
approval of a listing application and prospectus.


Tom Henrik Sundby, CFO
+971 50 708 6480

Hans-Peter Burlid, VP Finance&Investor Relations
+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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