Polarcus nominates new Chairman Having served

Having served as Chairman of the Board of Polarcus Limited ("Polarcus" or the "Company") (OSE: PLCS) since the Company's inception in 2008, Mr Peter Rigg will be retiring with effect from the AGM on 10 May 2018. Polarcus' Nomination Committee has been aware of Mr. Rigg's intentions for some time and a planned succession of the Chairman role will take place.

Following a comprehensive search process, Michael Mannering has been nominated to succeed Mr. Rigg as Chairman with effect from the 2018 AGM.  Mr. Mannering is an experienced Chairman and Non-Executive Director with a long career in oilfield services including many senior corporate positions in Schlumberger as well as Chairman and, subsequently, Non-Executive Director of Songa Offshore until its acquisition by Transocean.  Mr. Mannering has a BSc (First Class) in Mechanical Engineering from the University of Southampton. Further details are contained in the Nomination Committee's report, attached to the Notice of Annual General Meeting released on 19 April 2018.

Duncan Eley, CEO, commented: " Peter has had tremendous influence and has contributed significantly to the first 10 years of the Polarcus journey. His judgment, management and keen wit have been standout attributes and we wish Peter every success in his future endeavours .

"We are very pleased that the Nomination Committee has proposed a candidate of such high calibre as Mike Mannering.  His experience on Boards and at senior levels in the broader oilfield services industry will be extremely valuable for Polarcus as we position ourselves for success in the evolving marine seismic segment. We greatly look forward to working with Mike from the AGM ." 

Contacts

Duncan Eley, CEO +971 4 436 0915 duncan.eley@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 approximately 350 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.