GC Rieber Shipping - M&A Activity 2014

GC Rieber Shipping - Sale of Reef Subsea approved by the Competition Authorities

Reference is made to the stock exchange announcement dated 28 January 2014,

regarding the sale of GC Rieber Shipping's share in Reef Subsea to HV V Invest

Golf AS and HV V Invest Golf II AS.

The Norwegian Competition Authorities has approved the agreement, and the

transaction will be completed 26 February 2014.

For further information, please contact:

CEO Irene Waage Basili, tel.: +47 55 60 68 67, or +47 90 09 86 88

CFO Einar Ytredal, tel.: +47 55 60 68 54, or +47 97 52 01 84

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

unique competence in offshore operations in harsh environments as well as

design, development and maritime operation of seismic 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 10 are owned by the company. In addition, the company has one subsea

vessel under construction for delivery spring 2014, and one seismic vessel for

delivery spring 2015.

The company is headquartered in Bergen and has a 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.no.

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

(Norwegian Securities Trading Act)

[HUG#1764459]

AI assistant