Polarcus extends vessel backlog into Q2 2011

Reference is made to the notice published by Polarcus Limited on 26 July 2010 regarding the receipt of a Letter of Intent from Gassnova SF for a second Carbon Capture and Storage (CCS) 3D comprising 323 square kilometers offshore Norway (the “Troll Kystnær 3D”), and the subsequent delay of this project announced in the Polarcus Third Quarter 2010 Report.

Polarcus Limited (OAX: PLCS) is pleased to announce that following the cancellation of the original contract addendum for the aforementioned project, the Company has executed a new addendum with Gassnova SF to acquire the Troll Kystnær 3D survey in the second quarter 2011. The project, to be acquired by POLARCUS NAILA or an equivalent vessel, comprises 323 square kilometers and is expected to run for approximately 22 days.