www.polarcus.com 1

8th Annual Marine Money Gulf Ship Finance Conference

Wednesday, 7th March 2012, Emirates Towers Hotel – Dubai

www.polarcus.com 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

2008 2009 2010

Polarcus launched

2008 Polarcus N

adia

Polarcus N

aila

Polarcus A

sima

Polarcus A

lima

Polarcus S

amur

Polarcus S

elma

20122011

Q2– Polarcu

s Adira

Q1– Polarcu

s Amani

www.polarcus.com 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

2008 2009 2010

Polarcus launched

2008 Polarcus N

adia

Polarcus N

aila

Polarcus A

sima

Polarcus A

lima

Polarcus S

amur

Polarcus S

elma

20122011

Q2– Polarcu

s Adira

Q1– Polarcu

s Amani

POLARCUS NADIA & POLARCUS NAILA

12 Streamer 3D vessel

POLARCUS ASIMA & POLARCUS ALIMA

12 Streamer 3D vessel

POLARCUS SAMUR & Vyacheslav Tikhonov

8 Streamer 3D vessel

POLARCUS AMANI & POLARCUS ADIRA

12-14 Streamer 3D vessel

www.polarcus.com 4

2008 2009 2010

Launch2008

Founders capital162M

20122011

HY 55M CB 35MEquity 50M

Lehman Brothers went bust

restructuring with sale of 2 vessels

Bank debt 80M

IPO 125Min equity

USD 410Mfleet bank facility

HY 80MBank debt 55MEquity 65M

Equity 60M

CB 125M

HY 40MEquity 40M

Sale Lease back180M (2 x 90M)

Raising

1.45$ billionin

Historically badfinancial climate

www.polarcus.com 5

• Founders equity USD 162 millionNOK 10.4/share or USD 2/share

• Zickerman family• Drydocks World Dubai• Management

2008 2009 2010

Launch2008

Founders capital162M

20122011

HY 55M CB 35MEquity 50M

restructuring with sale of 2 vessels

Bank debt 80M

IPO 125Min equity

USD 410Mfleet bank facility

HY 80MBank debt 55MEquity 65M

Equity 60M

CB 125M

HY 40MEquity 40M

Sale Lease back180M (2 x 90M)

Polarcus Launched April 2008

Drydocks World - Dubai

www.polarcus.com 6

Sale lease back

• Sale lease back on the first two vessels

• USD 180 million• Implied interest rate ~12%• Loan structure backed by

Export Credit Agency

2008 2009 2010

Launch2008

Founders capital162M

20122011

HY 55M CB 35MEquity 50M

restructuring with sale of 2 vessels

Bank debt 80M

IPO 125Min equity

USD 410Mfleet bank facility

HY 80MBank debt 55MEquity 65M

Equity 60M

CB 125M

HY 40MEquity 40M

Sale Lease back180M (2 x 90M)

www.polarcus.com 7

July 2008 – 2nd round of financing

• HY 55 – 13%, first pri. Samur • CB 35 – 8.5%, conversion +30%• Equity USD 50 million

NOK 12/share or USD 2.4/share

Just in time before

Lehman Brothers

2008 2009 2010

Launch2008

Founders capital162M

20122011

HY 55M CB 35MEquity 50M

restructuring with sale of 2 vessels

Bank debt 80M

IPO 125Min equity

USD 410Mfleet bank facility

HY 80MBank debt 55MEquity 65M

Equity 60M

CB 125M

HY 40MEquity 40M

Sale Lease back180M (2 x 90M)

www.polarcus.com 8

Summer 2009 - Restructuring

2008 2009 2010

Launch2008

Founders capital162M

20122011

HY 55M CB 35MEquity 50M

restructuring with sale of 2 vessels

Bank debt 80M

IPO 125Min equity

USD 410Mfleet bank facility

HY 80MBank debt 55MEquity 65M

Equity 60M

CB 125M

HY 40MEquity 40M

Sale Lease back180M (2 x 90M)

Sold 2 vessels with a

buyback option at cost + USD 5 million

Transaction backed by Founders

www.polarcus.com 9

15 September 2009 – Bank debt

• USD 80 million for Asima• CIRR financing (OECD)• Fixed 3.93% plus bank margin• Maturity 12 years

2008 2009 2010

Launch2008

Founders capital162M

20122011

HY 55M CB 35MEquity 50M

restructuring with sale of 2 vessels

Bank debt 80M

IPO 125Min equity

USD 410Mfleet bank facility

HY 80MBank debt 55MEquity 65M

Equity 60M

CB 125M

HY 40MEquity 40M

Sale Lease back180M (2 x 90M)

www.polarcus.com 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

2008 2009 2010

Launch2008

Founders capital162M

20122011

HY 55M CB 35MEquity 50M

restructuring with sale of 2 vessels

Bank debt 80M

IPO 125Min equity

USD 410Mfleet bank facility

HY 80MBank debt 55MEquity 65M

Equity 60M

CB 125M

HY 40MEquity 40M

Sale Lease back180M (2 x 90M)

www.polarcus.com 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

2008 2009 2010

Launch2008

Founders capital162M

20122011

HY 55M CB 35MEquity 50M

restructuring with sale of 2 vessels

Bank debt 80M

IPO 125Min equity

USD 410Mfleet bank facility

HY 80MBank debt 55MEquity 65M

Equity 60M

CB 125M

HY 40MEquity 40M

Sale Lease back180M (2 x 90M)

www.polarcus.com 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

2008 2009 2010

Launch2008

Founders capital162M

20122011

HY 55M CB 35MEquity 50M

restructuring with sale of 2 vessels

Bank debt 80M

IPO 125Min equity

USD 410Mfleet bank facility

HY 80MBank debt 55MEquity 65M

Equity 60M

CB 125M

HY 40MEquity 40M

Sale Lease back180M (2 x 90M)

www.polarcus.com 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

2008 2009 2010

Launch2008

Founders capital162M

20122011

HY 55M CB 35MEquity 50M

restructuring with sale of 2 vessels

Bank debt 80M

IPO 125Min equity

USD 410Mfleet bank facility

HY 80MBank debt 55MEquity 65M

Equity 60M

CB 125M

HY 40MEquity 40M

Sale Lease back180M (2 x 90M)

www.polarcus.com 14

Summer 2011 – The Quantum Leap

• USD 410 million Fleet bank facility• 5.6% fixed interest, 12 years maturity• Structured with security for 5 vessels

including the 2 new builds• Refinancing of the 13% HY• Average interest cost post drawdown ~7.5%

2008 2009 2010

Launch2008

Founders capital162M

20122011

HY 55M CB 35MEquity 50M

restructuring with sale of 2 vessels

Bank debt 80M

IPO 125Min equity

USD 410Mfleet bank facility

HY 80MBank debt 55MEquity 65M

Equity 60M

CB 125M

HY 40MEquity 40M

Sale Lease back180M (2 x 90M)

www.polarcus.com 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

2008 2009 2010

Launch2008

Founders capital162M

20122011

HY 55M CB 35MEquity 50M

restructuring with sale of 2 vessels

Bank debt 80M

IPO 125Min equity

USD 410Mfleet bank facility

HY 80MBank debt 55MEquity 65M

Equity 60M

CB 125M

HY 40MEquity 40M

Sale Lease back180M (2 x 90M)

www.polarcus.com 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%

10

200

400

600

800

1000

1200

1400

1600

507

160

80

70

180

40

410

Bank loan

Unsecured Bonds

Sale lease back

Vendor financing

Bonds

Convertibles

Equity

www.polarcus.com 17

PLCS – Share price movements

01.0

4.08

11.0

5.08

20.0

6.08

30.0

7.08

08.0

9.08

18.1

0.08

27.1

1.08

06.0

1.09

15.0

2.09

27.0

3.09

06.0

5.09

15.0

6.09

25.0

7.09

03.0

9.09

13.1

0.09

22.1

1.09

01.0

1.10

10.0

2.10

22.0

3.10

01.0

5.10

10.0

6.10

20.0

7.10

29.0

8.10

08.1

0.10

17.1

1.10

27.1

2.10

05.0

2.11

17.0

3.11

26.0

4.11

05.0

6.11

15.0

7.11

24.0

8.11

03.1

0.11

12.1

1.11

22.1

2.11

31.0

1.12

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

10.4

12

4.5

5.15 5.34.0

Share price Issues

IPOReverse split

2:1

Founders capital

USD 140 M

MACONDO

Polarcus Alima

Polarcus AmaniPolarcus Adira

Polarcus SelmaV. Tikhonov

Private Placement

Fleet bank facility

www.polarcus.com 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