GC Rieber Shipping — Earnings Release 2017

Aug 18, 2017

GC Rieber Shipping - first half 2017 results

GC Rieber Shipping - first half 2017 results

GC Rieber Shipping ASA had positive operational development through the first

half of 2017 and continue its efforts to establish a long-term robust platform

for all its marine operations. The establishment of Shearwater GeoServices has

been successful and the ice/support segment remains stable and healthy. Within

the subsea segment the capacity utilisation has been significantly higher than

in previous periods. This provides a solid basis for the ongoing restructuring

efforts for the subsea fleet.

* Fleet utilisation of 81 percent in a continued challenging market

* Total loss of NOK 84.6 million, compared with a loss of NOK 547.5 million in

2016

* Contract backlog of NOK 463 million

* Continued restructuring efforts and focus on cost reductions

GC Rieber Shipping had an operating income of NOK 132.8 million in the first

half year 2017, compared to NOK 117.0 million for the corresponding period

2016. EBITDA for the first six months of 2017 was NOK 23.0 million compared to

NOK 22.2 million first half 2016. Total fleet utilisation was 81 percent,

compared to 45 percent in the first half 2016.

The result before tax for the first six months 2017 was negative NOK 84.5

million, compared with a loss of NOK 157.7 million in the corresponding period

2016.  The result for the first half 2017 is affected by impairment of the fleet

of NOK 25.3 million.

"We are pleased to have seen an improvement in utilisation and results for the

first half of the year despite continued challenging markets. Most efforts are

now being targeted towards establishing a new, robust platform for our subsea

operations. The fleet has been performing well and we see more opportunities

ahead. However, rate levels and earnings are still not at a sustainable level.

When a long term solution for this segment is in place, GC Rieber Shipping with

its long and solid marine competence, will have a solid foundation for pursuing

new opportunities", says acting CEO Einar Ytredal.

Christian W. Berg was earlier this year appointed new Group CEO. He will take on

his new position effective from 18 August. Einar Ytredal who has been acting CEO

will continue in his previous position as CFO of the Group. Acting CFO Øystein

Kvåle will at the same time return to his position in GC Rieber AS.

Please find the report and presentation for the first half 2017 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) 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 and has direct and indirect ownership in

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.