GC RIEBER SHIPPING ASA - UPDATE MERGER PROPOSAL

GC Rieber Shipping ASA ("RISH" of "the Company") has been notified by GC Rieber

AS ("GCR") that GCR until further notice wants to suspend the merger discussions

between the two companies. The suspension is, according to GCR, based on the

uncertainty created by the recent public attention on GCR`s subsidiary GC Rieber

Oils AS and GCR will revisit the matter when these circumstances have been

clarified.

As a consequence, RISH has stopped the merger discussions and the ongoing work

carried out by the Company's financial and legal advisors.

For further information, please:

CEO Sven Rong, phone +47 55 60 68 18, or +47 90 55 49 52

About GC Rieber Shipping:

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

specialized vessels, high quality marine ship management, project development

and industrial portfolio management within the segments subsea, ice research and

support, as well as marine seismic. The group has a unique competence on

offshore operations in harsh environments and design, development and maritime

operation of seismic vessels. Through strategic value chain investments the

group has substantial knowledge and experience within subsea and marine seismic.

GC Rieber Shipping owns and operates seven advanced multifunctional special

purpose vessels for defined markets within subsea, ice research and support and

marine seismic. Furthermore, GC Rieber Shipping has acquired the contract for

two subsea IMR/CSV new buildings for delivery late 2010 and medio 2011. Through

a joint venture of which GC Rieber Shipping owns 51%, the group has in addition

two new offshore vessels for delivery in 2010. The group's strategic value chain

investments include the subsea services company Reef Subsea (50% shareholding)

and the seismic company Octio Group (60% shareholding), which focus on permanent

monitoring of existing oil fields. GC Rieber Shipping is also in charge of

marine ship management for seven seismic vessels owned by PGS, CGGVeritas and

Fugro.

The company is headquartered in Bergen with ship management companies in

Sevenoaks (England), Singapore and Yuzhno-Sakhalinsk (Russia), which provides

global presence. The company is listed on Oslo Børs with ticker RISH. Further

information is available on the company's website: www.gcrieber-shipping.no

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1410990]

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