Polarcus Limited (in official liquidation) ("Polarcus" or the "Company") (OSE:
PLCS) refers to the announcements made on 9 February 2021 (Polarcus: Appointment
of Joint Provisional Liquidators), 31 March 2021 (Polarcus: Summons to
Bondholders of a Proposed Written Resolution), 14 April 2021 (Polarcus concludes
Standstill and Settlement Agreement with Lenders), 30 April 2021 (Bondholder
Summons: Completion of Restructuring) and 4 May 2021 (Board of Directors stands
down). Capitalized terms in this announcement have the same meaning as given in
those announcements.

On 8 February 2021, David Griffin and Andrew Morrison of FTI Cayman and Lisa
Rickelton of FTI London were appointed JPLs of the Company by an order of the
Court. Their appointment had immediate effect, and the JPLs were specifically
authorized by the Court to take all necessary steps to develop and propose a
restructuring of the Company's financial indebtedness with a view to making a
compromise or arrangement with the Company's creditors or any class thereof. 

Since their appointment, the JPLs have negotiated the restructuring of the
Convertible Bonds as more particularly described in the Bondholders Summons and
the settlement contemplated by the Settlement and Standstill Agreement.
 
Throughout the provisional liquidation, the Board, until their resignation on 29
April 2021, retained all powers of management conferred on it by the Order,
subject to the appropriate and necessary oversight and monitoring of the JPLs as
regards the exercise of such powers. 

The JPLs have completed the restructuring efforts for which they were appointed,
following which they determined that the Company remained unable to pay its
debts as they fall due and that it was in the best interests of the Company that
it be placed into official liquidation. 

On 21 June 2021, the Court made an order placing the Company into official
liquidation and appointed David Griffin and Andrew Morrison of FTI Cayman and
Lisa Rickelton of FTI London as Joint Official Liquidators (the "JOLs"). The
JOLs will oversee the orderly winding down of the Company.  As part of that
process, the JOLs intend to seek the de-listing of the Company from the OSE. 

In view of the insolvency of the Company, there will not be any return from the
liquidation to the Company's shareholders. Accordingly, there will be no further
announcements to update the Company's Shareholders on the progress of the
official liquidation. The JOLs shall publish periodic updates to the Company's
creditors at www.fticonsulting.com/creditors, as and when appropriate.

For media enquiries to the JOLs please contact:
Ben Brewerton/ Elizabeth Adams, FTI Consulting
Ben.brewerton@fticonsulting.com 07703 329963
elizabeth.adams@fticonsulting.com 07974 982331

For other enquiries to JOLs please contact:
Polarcus@fticonsulting.com


This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act