GC Rieber Shipping — Earnings Release 2016

Feb 27, 2017

GC Rieber Shipping - fourth quarter 2016 results

GC Rieber Shipping - fourth quarter 2016 results

GC Rieber Shipping ASA has made significant progress strategically and

operationally during the fourth quarter - with the establishment of Shearwater

GeoServices in December as the most important milestone.

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

34.5 million in the fourth quarter 2016, compared to NOK 35.4 million in the

fourth quarter 2015. EBITDA for the continuing operation was negative by NOK

11.7 million in the fourth quarter, compared to negative NOK 5.5 million in the

corresponding period 2015. Total fleet utilization was 46 percent, compared to

73 percent in the fourth quarter 2015.

The loss of continuing operations in fourth quarter amounted to NOK 170.3

million, compared with a loss of NOK 110.0 million in the corresponding period

2015. The result in the fourth quarter 2016 is affected by impairment of the

fleet of NOK 129.6 million and low activity in the oil related segments.

"During the last year, we have demonstrated an ability to develop our business

towards new business segments and forming new partnerships. We successfully

established the new marine geophysical company, Shearwater GeoServices AS

together with Rasmussengruppen. The new venture owns and operates four high-end,

cost effective vessels and is well positioned to expand its market position

going forward. Resulting from this establishment, new project backlog was

secured during the fourth quarter. Within the subsea segment, the markets remain

challenging and we expect this to continue. However, important charters in

renewables and cable-lay have been secured for two of our vessels within this

segment", says acting CEO Einar Ytredal.

Please find the report and presentation for the fourth 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 operates and had 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.