Polarcus in Board Restructuring (UAE)

July 3, 2012

Polarcus’ Board of Directors yesterday accepted the resignation of Carl-Peter Zickerman as a Director of the Company.

With the previously announced delivery of the 3D seismic vessel, POLARCUS ADIRA, on 21 June 2012 marking the completion of the Company’s eight vessel building program, Polarcus has entered a new phase of maturity.

Carl-Peter Zickerman together with the Board of Directors have concluded that with this milestone, combined with the substantial change to the shareholder structure of the Company that took place at the end of 2011, a different Board composition is now appropriate.

“The Board would like to express its sincere thanks to Carl-Peter Zickerman for his important contributions during his service as a Director through the formative years of the Company. Mr. Zickerman will not be replaced by a new director,” said the company in a statement.

Carl-Peter Zickerman maintains his position within the executive management team of Polarcus where he will continue to focus his resources fully in his capacity as Executive Vice President & Head of Strategic Investments.

[mappress]
Press Release, July 3, 2012