Polarcus: Key Information relating to the Subseque

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Reference is made to announcements Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) published on 9 February and 10 February 2017 regarding the Private Placement. The Company intends to launch a subsequent offering with gross proceeds of up to approximately NOK 40 million with non-tradable subscription rights for Eligible Shareholders (the "Subsequent Offering").

Date on which the terms of the Subsequent Offering were announced: 10 February 2017        

Last day including right to receive subscription rights: 9 February 2017      

First day excluding right to receive subscription right: 10 February 2017

Record date: 13 February 2017

Date of approval: Expected on or about 6 March 2017

Maximum number of new shares: up to 122,000,000  

Subscription price: NOK 0.33

The Subsequent Offering is conditional upon required resolutions by an extraordinary general meeting of the Company expected to be held on or about 6 March 2017, the conditions of the Private Placement being fulfilled as described in the announcement "Polarcus Private Placement successfully subscribed" issued on 10 February 2017 and approval and publication of a listing and offering prospectus.

Contacts

Rod Starr, CEO +971 4 436 0800 rod.starr@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, 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 2015 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 to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.