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2014-05-05

Polarcus Limited: Polarcus Naila returns to operations with significantly increased capacity

Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) announces that
Polarcus Naila is presently mobilizing for the highly prefunded Polarcus "UK
Breagh" multi-client survey after a successful upgrade. The upgrade enables
the vessel to tow ultra-wide 12 streamer spreads, matching the capability of
the four high performance "A-class" vessels in the Polarcus fleet. Subsequent
to the one month "UK Breagh" survey Polarcus Naila will mobilize for the
previously announced charter to TGS-NOPEC Geophysical Company ASA.

The upgrade comprised a conversion of the vessel's propulsion system to proven
twin-fin shaft and propeller technology at a cost of USD 12 million, plus
certain other major productivity and class enhancements and a mandatory
vessel classification at a further cost of USD 11 million. The project,
undertaken at Shipdock Amsterdam, was completed in just 55 days and as a
result of the upgrade the vessel now operates with a significantly improved
earnings potential.

Polarcus maintains its guiding for 2014 vessel related capital expenditure of
USD 55 - 65 million.

Contacts

Rolf Rønningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982

Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480

About Polarcus

Polarcus (OSE: PLCS) is a pure play marine geophysical company with a
pioneering environmental agenda, specializing in high-end towed streamer data
acquisition from Pole to Pole. Polarcus operates a fleet of high performance
3D seismic vessels incorporating an innovative design and advanced maritime
technologies for improved safety and efficiency. Polarcus offers contract
seismic surveys and multi-client projects worldwide and employs over 500
professionals. 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 2013 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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