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Polarcus Limited: Polarcus announces further cost reductions and organizational changes

Polarcus ("Polarcus" or the "Company") (OSE: PLCS) further improves its cost
position with the announcement of additional headcount reductions and changes
to the executive management team. The expanded cost reductions are part of a
longer term plan which will continue to improve competitiveness while
maintaining exceptional operational performance and sustaining positive
operational cash flow. The plan provides the Company with a business model to
withstand a prolonged difficult market as well as to take advantage of
opportunities in this volatile environment.

As part of the comprehensive cost management program implemented at the end of
2014, personnel reductions now total 26%. This additional reduction of 15
employees are all office staff and include executive management positions to
fit a redefined Polarcus. Cost savings as a result of these recent personnel
changes plus additional other overhead cost reductions will total USD 7
million annually, excluding one-off restructuring costs which will be
incurred in Q1 2016.

Chief Financial Officer, Tom Henrik Sundby and Senior Vice President Human
Resources, Dr. Paul Hanna have made the decision to leave the Company.
Additionally, Peter Zickerman, Executive Vice President Strategic Investments
and Company founder, has moved from being an employee to a consultant as
strategic advisor to the Company. The Executive Vice President Strategic
Investments and Senior Vice President Human Resources executive management
positions are eliminated as a result of these changes.

Effective 1 March 2016, Hans-Peter Burlid will be promoted to the position of
Chief Financial Officer. Mr. Burlid currently serves as Vice President
Finance&Investor Relations for Polarcus, an executive management position
which will be eliminated. He has 12 years of experience in the seismic
industry with key roles in finance, accounting and business development and
was instrumental in the start-up of Polarcus. Mr. Burlid holds a B.Sc. in
Economics and Business Administration from Blekinge Institute of Technology,

"Firstly, I want to thank all those employees departing the Company for all
their hard work and dedication. It is always a difficult decision to see the
departure of high-quality employees, but the current market environment
requires us to continuously review and adjust our cost structure," stated Rod
Starr, Polarcus CEO. "I am also appreciative of the leadership provided by
executives Tom Henrik Sundby and Paul Hanna. They were both here in the early
days and played important roles in the development of Polarcus, and I wish
them the very best in their future endeavors. Continued strategic advice from
Peter Zickerman will be an important element as the Company maintains an eye
on future growth opportunities."

The continued aggressive cost management program combined with leading vessel
backlog, operational excellence and innovation and recently announced
financial restructuring ensures Polarcus is well positioned to ride out a
prolonged market downturn.


Rod Starr, CEO
+971 44 360 819

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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