Polarcus: Grant of Employee Share Options

Polarcus Limited announced the award of share options to two Primary Insiders. 500,000 share options were granted to the Company's newly appointed General Counsel, Mr. Caleb Raywood, and 500,000 share options were granted to Mrs. Tamzin Steel in the newly created position of Senior Vice President People & Business Services.  The awards are in accordance with the Company's 2016 share option plan of which the main terms were approved in the Annual General Meeting on 12 May 2016.

The awarded share options (the "Options") have an exercise price of NOK 0.62 being the volume weighted average price for which the Polarcus shares have been traded at Oslo Stock Exchange in the prior 30-day trading period.

The Options are exercisable in three equal tranches (two years, three years and four years after grant), and expire seven years after grant.

The exercise of the Options is conditional upon the 30 days' volume weighted average price of the Share exceeding the exercise price by at least 30% at one time during the exercise period.

Following the awards, Mr. Raywood and Mrs. Steel each hold 500,000 Options under the 2016 share option plan and zero shares.