Adjustment to the conversion price of the converti

Reference is made to the stock exchange releases issued on 10 February 2017 and 6 March 2017 from Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) regarding the Private Placement of  1,000,000,000 shares at a share price of NOK  0.33, the Subsequent Offering of 122,000,000 shares to eligible shareholders at a share price of NOK 0.33 and the EGM approval of such transactions.

According to the loan agreement for the Company's convertible bond issue "2.875% Polarcus Limited Secured Convertible Bond Issue 2011/2016" (ISINs NO0010607435, NO0010757271 and NO0010757263), the Private Placement and the Subsequent Offering triggers an adjustment to the conversion price.

The new conversion price is set to USD 13.8694 per share. 

Contacts

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

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.