GC Rieber Shipping - Capital/Financing Update 2021

GC Rieber Shipping: Amendments to credit facility

GC Rieber Shipping has today agreed certain amendments to its Subsea &

Renewables credit facility with its lenders. The credit facility, originally

from 2014, was refinanced in the first quarter 2018 to improve GC Rieber

Shipping's financial runway in challenging market conditions. GC Rieber Shipping

has strengthened its financial position significantly the last year. Thus, the

agreed amendments will, in principle, restore the provisions of the original

credit facility agreement and reverse material changes introduced throughout the

restructuring period. Specifically, investment and dividend restrictions will be

removed, and scheduled amortization with full installment will be restored. The

credit facility has final maturity in December 2022. The amendments are subject

to customary closing conditions.

"That GC Rieber Shipping can resume normal financing terms is a result of a

successful strategy to strengthen the company's financial position", Einar

Ytredal, CEO of GC Rieber Shipping, commented.

Contact information:

Einar Ytredal, CEO, GC Rieber Shipping, phone: +47 975 20 184

Øystein Kvåle, CFO, GC Rieber Shipping, phone: +47?479 02 919

About GC Rieber Shipping:

GC Rieber Shipping is a shipowner and project-house with focus on developing

profitable and sustainable maritime projects.

Further information about the company, please go to www.gcrieber-shipping.com.

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

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