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2015-04-14

Polarcus Limited: Polarcus Board approves 2014 IFRS Financial Statements

The Board of Directors of Polarcus Limited ("Polarcus" or the "Company") (OSE:
PLCS) has approved the 2014 annual financial statements prepared in
accordance with International Financial Reporting Standards ("IFRS").

Polarcus reported its IFRS unaudited fourth quarter and preliminary full year
2014 results on 10 February 2015. Compared to the preliminary results the
Company recorded an additional operational expense of USD 6.6 million due to
a bad debt provision, causing reported EBITDA, EBIT and net income for 2014,
and net accounts receivable in the balance sheet, to be reduced with the same
amount. There were no other material changes to the consolidated financial
statements compared to those presented in the February earnings release.

The Polarcus 2014 Annual Report is attached hereto, and is in addition
available for download fromwww.polarcus.comalong with the Company's 2014
Corporate Social Responsibility and Corporate Governance Reports.

Contacts
Rod Starr, CEO Polarcus

+971 4 436 0800
rod.starr@polarcus.com

Tom Henrik Sundby, CFO Polarcus
+971 50 708 6480
tom.sundby@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 over 600 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)

Polarcus 2014 Annual Report
http://hugin.info/151377/R/1911071/681760.pdf

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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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