CORRECTION: Final result of Subsequent Offering

This is a correction of the announcement from 13:23 05.04.2017 CEST. Reason for the correction: Correction of total number of shares subscribed and allocated, and the number of subscription rights utilised.

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 OTHER THAN NORWAY. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Reference is made to the stock exchange releases published by Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) on 21 March 2017 regarding the commencement of the subscription period for the subsequent offering (the "Subsequent Offering") of up to 122,000,000 new shares (the "Offer Shares") in the Company.

The subscription period in the Subsequent Offering expired at 12:00 hours (CET) today, 5 April 2017. A total of 3,912,439 shares were subscribed for at a Subscription Price of NOK 0.33 per share and 3,447,789 subscription rights were utilised. One subscription right gave the holder a right to subscribe and be allocated for one Offer Share in the Subsequent Offering.

All subscribers have received full allocation and the Company expects that the newly subscribed shares will be issued late in the evening on or about 7 April 2017 and admitted to trading on or about 10 April 2017.

ABG Sundal Collier acted as Manager for the Subsequent Offering.

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

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.