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2016-10-17

Polarcus Limited: Polarcus signs MOU for multi-client collaboration and vessel agreement with TGS

Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) is pleased to
announce that the Company has entered into a memorandum of understand ("MOU")
to collaborate with TGS-NOPEC Geophysical Company ASA ("TGS") to jointly
develop selected 3D multi-client projects. New projects taken under the
collaboration agreement will be announced separately as they occur.

Further, under the collaboration agreement, TGS will extend its vessel
agreement with Polarcus entered in June 2015 for the charter of 3D vessel
capacity. The extension will be valid through the end of 2017 for up to
10,000 sq. km.

"Polarcus is pleased to collaborate on its multi-client projects with TGS. The
agreement will leverage the core strengths and expertise of both parties,"
stated Rod Starr, Polarcus CEO. "The collaboration will drive vessel
utilization as well as allow Polarcus to expand its multi-client business
with limited capital investment."

Contacts

Duncan Eley, COO
+971 (50) 5532198
duncan.eley@polarcus.com

Hans-Peter Burlid, CFO
+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,
visitwww.polarcus.com

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 Corporate Solutions on behalf of Nasdaq 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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