GC Rieber Shipping — Earnings Release 2016

Nov 9, 2016

GC Rieber Shipping - third quarter 2016 results

GC Rieber Shipping - third quarter 2016 results

GC Rieber Shipping ASA has made significant progress strategically and

operationally during the third quarter with the establishment of Shearwater

GeoServices in October as the most important milestone.

GC Rieber Shipping had an operating income for the continuing operation of NOK

53.7 million in the third quarter 2016, compared to NOK 213.0 million in the

third quarter 2015. EBITDA for the continuing operation was positive by NOK 6.2

million in the third quarter, compared to NOK 169.7 million in the corresponding

period 2015. Total fleet utilization was 54 percent, compared to 87 percent in

the third quarter 2015.

The group had a total loss of NOK 233.5 million in the third quarter of 2016,

compared with a profit of NOK 25.3 million in the corresponding period 2015. The

negative result in the third quarter 2016 is mostly due to impairment of the

fleet of NOK 126.9 million and low activity in the oil related segments of

subsea and marine seismic.

"During the past months we are pleased to have secured several charter contracts

for our subsea vessels and we are excited to have established the new marine

geophysical company, Shearwater GeoServices AS. The new venture has four high-

end, cost effective vessels and is thus well positioned to expand its market

position. However, the overall market situation in the offshore segments remain

challenging and we do expect this to continue", says acting CEO Einar Ytredal.

Please find the report and presentation for the third quarter 2016 enclosed.

A presentation via webcast of the company's results will be held on GC Rieber

Shipping's website, www.gcrieber-shipping.com, today at 08.30 a.m. A recorded

version of the presentation will be available on the website after the webcast

is finished.

For further information, please contact:

Acting CEO Einar Ytredal, tel: (+47) 55 60 68 54 / (+47) 975 20 184

About GC Rieber Shipping:

GC Rieber Shipping's business within offshore/shipping includes ownership in

specialized vessels, high quality marine ship management and project development

within the segments subsea, ice/support and marine seismic.

The group has a specialized competence in offshore operations in harsh

environments as well as design, development and maritime operation of offshore

vessels.

GC Rieber Shipping currently owns and operates 11 advanced special purpose

vessels for defined markets within the subsea, ice/support and marine seismic

segments.

The company has its headquarter and a ship management office in Bergen, and an

additional ship management company in Yuzhno-Sakhalinsk (Russia). The company

is listed on Oslo Børs with ticker RISH.

Further information is available on the company's website www.gcrieber-

shipping.com.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.