GC Rieber Shipping — Earnings Release 2016

May 12, 2016

GC Rieber Shipping - first quarter 2016 results

GC Rieber Shipping - first quarter 2016 results

GC Rieber Shipping ASA had an operating income of NOK 86.8 million in the first

quarter 2016, compared to NOK 223.9 million in the first quarter 2015. EBITDA

was negative by NOK 9.0 million in the quarter, compared to positive NOK 114.0

million in the corresponding period 2015. The total fleet utilization was 46

percent, compared to 84 percent in the first quarter 2015.

The group had a loss of NOK 93.7 million in the first quarter 2016, compared to

a loss of NOK 36.3 million in the corresponding period 2015. The negative result

in the first quarter 2016 is mostly due to the loss of long-term contracts on

the seismic fleet following the bankruptcy of Dolphin Geophysical in December

2015, and the subsequent low activity in the subsea and seismic segments.

"The market situation in the offshore segments is difficult, which has affected

our results", CEO Irene Waage Basili says. "In this challenging market we have

however secured charter contracts in the spot market for two of our seismic

vessels.  We also secured a very interesting contract for our subsea vessel,

Polar King, with Nexans Skagerrak for commencement in January 2017, representing

an entry into a new and exciting market for us in an industry experiencing

strong growth."

Please find the report and presentation for the first 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:

CEO Irene Waage Basili, tel: (+ 47) 55 60 68 67 / (+ 47) 900 98 688

CFO 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 operates 13 advanced special purpose vessels for

defined markets within the subsea, ice/support and marine seismic segments, of

which the company owns 11.

The company has it's 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.

[HUG#2011927]