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8th Annual Marine Money Gulf Ship Finance Conference

8th Annual Marine Money Gulf Ship Finance Conference. Wednesday , 7th March 2012, Emirates Towers Hotel – Dubai. Polarcus – a seismic major. Major provider of marine 3D seismic services globally Specialized Arctic offering with incorporated technologies

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8th Annual Marine Money Gulf Ship Finance Conference

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  1. 8th Annual Marine Money Gulf Ship Finance Conference Wednesday, 7th March 2012, Emirates Towers Hotel – Dubai

  2. Polarcus – a seismic major • Major provider of marine 3D seismic services globally • Specialized Arctic offering with incorporated technologies • 500+ highly experienced seismic and maritime employees • Offices in Dubai, London, Houston, Singapore, and Rio • Listed on Oslo Børs (OAX:PLCS); Market Cap USD~500 M • ~12% market share in 2012 POLARCUS ALIMA Q1– Polarcus Amani Q2– Polarcus Adira Polarcus launched 2008 Polarcus Samur Polarcus Alima Polarcus Asima Polarcus Naila Polarcus Nadia Polarcus Selma 2011 2012 2008 2010 2009

  3. RIGHTPLAN, RIGHTSIZE,RIGHTDESIGN Fleet Key Features All new and uniform fleet Reduced noise and vibrations Ice class 1A (except Nadia & Naila ICE C) Improved transit performance New builds on time and on budget POLARCUS ASIMA & POLARCUS ALIMA 12 Streamer 3D vessel POLARCUS SAMUR & Vyacheslav Tikhonov 8 Streamer 3D vessel POLARCUS NADIA & POLARCUS NAILA 12 Streamer 3D vessel POLARCUS AMANI & POLARCUS ADIRA 12-14 Streamer 3D vessel Q1– Polarcus Amani Q2– Polarcus Adira Polarcus launched 2008 Polarcus Samur Polarcus Alima Polarcus Asima Polarcus Naila Polarcus Nadia Polarcus Selma 2012 2011 2008 2010 2009

  4. Raising 1.45 $ billion Sale Lease back 180M (2 x 90M) in Historically bad USD 410M fleet bank facility Lehman Brothers went bust restructuring with sale of 2 vessels IPO 125M in equity Equity 60M financial climate HY 80M Bank debt 55M Equity 65M CB 125M Bank debt 80M HY 55M CB 35M Equity 50M HY 40M Equity 40M Launch 2008 Founders capital 162M 2008 2009 2012 2010 2011

  5. Polarcus Launched April 2008 • Founders equity USD 162 millionNOK 10.4/share or USD 2/share • Zickerman family • Drydocks World Dubai • Management Sale Lease back 180M (2 x 90M) USD 410M fleet bank facility restructuring with sale of 2 vessels IPO 125M in equity Equity 60M HY 40M Equity 40M HY 80M Bank debt 55M Equity 65M CB 125M Bank debt 80M HY 55M CB 35M Equity 50M Drydocks World - Dubai Launch 2008 Founders capital 162M 2008 2009 2012 2010 2011

  6. Sale lease back • Sale lease back on the first two vessels • USD 180 million • Implied interest rate ~12% • Loan structure backed byExport Credit Agency Sale Lease back 180M (2 x 90M) USD 410M fleet bank facility restructuring with sale of 2 vessels IPO 125M in equity Equity 60M HY 80M Bank debt 55M Equity 65M CB 125M Bank debt 80M HY 40M Equity 40M HY 55M CB 35M Equity 50M Launch 2008 Founders capital 162M 2008 2009 2012 2010 2011

  7. July 2008 – 2nd round of financing • HY 55 – 13%, first pri. Samur • CB 35 – 8.5%, conversion +30% • Equity USD 50 millionNOK 12/share or USD 2.4/share Just in time before Lehman Brothers Sale Lease back 180M (2 x 90M) USD 410M fleet bank facility restructuring with sale of 2 vessels IPO 125M in equity Equity 60M HY 80M Bank debt 55M Equity 65M CB 125M Bank debt 80M HY 40M Equity 40M HY 55M CB 35M Equity 50M Launch 2008 Founders capital 162M 2008 2009 2012 2010 2011

  8. Summer 2009 - Restructuring Sold 2 vessels with a buyback option at cost + USD 5 million Transaction backed by Founders Sale Lease back 180M (2 x 90M) USD 410M fleet bank facility restructuring with sale of 2 vessels IPO 125M in equity Equity 60M HY 40M Equity 40M HY 80M Bank debt 55M Equity 65M CB 125M Bank debt 80M HY 55M CB 35M Equity 50M Launch 2008 Founders capital 162M 2008 2009 2012 2010 2011

  9. 15 September 2009 – Bank debt • USD 80 million for Asima • CIRR financing (OECD) • Fixed 3.93% plus bank margin • Maturity 12 years Sale Lease back 180M (2 x 90M) USD 410M fleet bank facility restructuring with sale of 2 vessels IPO 125M in equity Equity 60M HY 80M Bank debt 55M Equity 65M CB 125M HY 40M Equity 40M Bank debt 80M HY 55M CB 35M Equity 50M Launch 2008 Founders capital 162M 2008 2009 2012 2010 2011

  10. IPO – 30 September 2009 • USD 125 millionNOK 4.5/share or USD 0.77/share • 1st IPO in Norway, 3rd in Europesince financial crisis started Sale Lease back 180M (2 x 90M) USD 410M fleet bank facility restructuring with sale of 2 vessels IPO 125M in equity Equity 60M HY 40M Equity 40M HY 80M Bank debt 55M Equity 65M CB 125M Bank debt 80M HY 55M CB 35M Equity 50M Launch 2008 Founders capital 162M 2008 2009 2012 2010 2011

  11. October 2010 – Buyback Alima (1st option) • USD 55 million Bank debt fixed 3.93% (CIRR), 12 years • USD 80 million HY, 2nd Pri12.5%, 5 years • Equity USD 65 million NOK 5.15/ share or USD 0.90/share Sale Lease back 180M (2 x 90M) USD 410M fleet bank facility restructuring with sale of 2 vessels IPO 125M in equity Equity 60M HY 40M Equity 40M HY 80M Bank debt 55M Equity 65M CB 125M Bank debt 80M HY 55M CB 35M Equity 50M Launch 2008 Founders capital 162M 2008 2009 2012 2010 2011

  12. November 2010 – Ordering vessels 7 & 8 • Equity USD 60 millionNOK 5.30/share or USD 0.93/share • To be built in Norway due to 80% financing available throughExport Credit Agency • Cost per vessel USD 168 million Sale Lease back 180M (2 x 90M) USD 410M fleet bank facility restructuring with sale of 2 vessels IPO 125M in equity Equity 60M HY 80M Bank debt 55M Equity 65M CB 125M HY 40M Equity 40M Bank debt 80M HY 55M CB 35M Equity 50M Launch 2008 Founders capital 162M 2008 2009 2012 2010 2011

  13. February 2011 – Buyback of 2nd option • CB USD 125 million2.875%, conversion price 32.5% • Vessel to be bare boated to Sovcomflot from delivery in August 2011 • Bareboat EBITDA 25 million/year Sale Lease back 180M (2 x 90M) USD 410M fleet bank facility restructuring with sale of 2 vessels IPO 125M in equity Equity 60M HY 40M Equity 40M CB 125M HY 80M Bank debt 55M Equity 65M Bank debt 80M HY 55M CB 35M Equity 50M Launch 2008 Founders capital 162M 2008 2009 2012 2010 2011

  14. Summer 2011 – The Quantum Leap • USD 410 million Fleet bank facility • 5.6% fixed interest, 12 years maturity • Structured with security for 5 vesselsincluding the 2 new builds • Refinancing of the 13% HY • Average interest cost post drawdown ~7.5% Sale Lease back 180M (2 x 90M) USD 410M fleet bank facility restructuring with sale of 2 vessels IPO 125M in equity Equity 60M HY 40M Equity 40M HY 80M Bank debt 55M Equity 65M CB 125M Bank debt 80M HY 55M CB 35M Equity 50M Launch 2008 Founders capital 162M 2008 2009 2012 2010 2011

  15. October 2011 – USD 80 million • Equity USD 40 millionNOK 4.0/share (premium) • NOK 230 million HY (USD 40m)14% interest • Completes the Capex needs fornew builds Sale Lease back 180M (2 x 90M) USD 410M fleet bank facility restructuring with sale of 2 vessels IPO 125M in equity Equity 60M HY 40M Equity 40M HY 80M Bank debt 55M Equity 65M CB 125M Bank debt 80M HY 55M CB 35M Equity 50M Launch 2008 Founders capital 162M 2008 2009 2012 2010 2011

  16. Improved financial position • Total financing of USD 1.45 billion secured • Equity USD 507 million • Debt USD 960 million • Fleet bank facility of USD 410 million signed in Q3 2011 • Average weighted interest rate for the group ~7.5%

  17. PLCS – Share price movements USD 140 M Founders capital Polarcus Selma V. Tikhonov MACONDO Polarcus Amani Polarcus Adira Private Placement IPO Reverse split 2:1 Fleet bank facility Polarcus Alima

  18. Lessons learnt • Utilize the open windows In the financial markets • Proactive Investor Relation strategy • Investigate and understand Export Credit Agency funding • Prepare for the Black swans • Hug a banker

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