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2016-02-09

Polarcus Limited: Polarcus announces non-cash impairment charges impacting Q4 2015

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. Furthermore, the
Company announced that it had received a request for information regarding
impairment of vessels and seismic equipment from The Financial Supervisory
Authority of Norway ("Finanstilsynet").

The Company has now completed its impairment review using a value in use test
based on discounted cash flows. As a result, the Company will record non-cash
charges of approximately USD 242 million that will materially impact the
Financial Statements for the fourth quarter 2015 and is related to the
following two asset classes:

* An impairment of intangible assets of approximately USD 27 million.
* An impairment of the carrying value of the vessels and seismic equipment of
approximately USD 215 million.

The impairments are driven by the weak market fundamentals with falling day
rates. The impairment charges are expected to be mostly offset by accounting
gains in the first quarter 2016 arising from the implementation of the
restructuring plan.

The Company will issue its fourth quarter 2015 Financial Statements on 29
February 2016.

Contacts

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)

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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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