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Polarcus Limited: Restructuring - result of "Mix and Match"

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 (the "Restructuring"),
the stock exchange release issued on 22 January in which the Company
announced approval of the Restructuring in bondholders' meetings in all the
three Bond Issues as well as the stock exchange release issued on 27 January
in which the Company announced approval of the Restructuring by the
Extraordinary General Meeting.

In the Restructuring plan, Bondholders in the Unsecured Bonds and 30% of the
Convertible Bond Loan (the "Unsecured Part") were offered the flexibility to
choose either to keep the full nominal amount of their current bonds and
accept call option prices for the bonds to be in the range from 33% to 50% of
par value ("Option A"), or to convert approximately 0.5% of their bonds into
new shares and accept reduced call option prices ranging from 24% to 36% of
par value ("Option B") (the "Mix and Match"). The subscription period for the
Mix and Match is now expired.

The conversion price for those who did choose Option B is USD 0.0013 (or NOK
0.0115). The new shares will be issued as separate Class B shares with same
rights as the current shares.

The Company currently has an issued share capital of USD 13,396,274 divided
into 66,981,368 shares of a nominal or par value of USD 0.20. The Company
will, upon completion of the Restructuring, in addition issue in total
489,876,254 Class B shares of a nominal or par value of USD 0.0013 each to
the bondholders having chosen Option B. The new shares will represent
approximately 88% of the voting shares of the Company post such issue.

By having chosen Option B in the Mix and Match, bondholders are under an
obligation to deliver their relevant existing bonds for conversion into
shares and new bonds upon implementation of the Restructuring. Prior to
completion of the Restructuring, such bondholders can accordingly not settle
any trade in or otherwise transfer these bonds unless pre-approved by ABG
Sundal Collier.

The Company will work towards joining the two share classes, but can give no
guarantee that this will be done as this is subject to conditions outside its
control. The Company has reserved the right at any time to repurchase new
shares issued with shares of the existing class on a one for one basis.

The implementation of the Restructuring, including the issue of the Class B
shares, is subject to conditions including completion of final documentation
and is expected to close before the end of February 2016. The new share class
will thereafter be sought to be listed on Oslo Børs, subject to approval of a
listing application and prospectus.


Tom Henrik Sundby, CFO
+971 50 708 6480

Hans-Peter Burlid, VP Finance&Investor Relations
+971 50 559 8175

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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