GC Rieber Shipping - M&A Activity 2015

GC Rieber Shipping - Early redelivery and revised terms for Dolphin Geophysical

GC Rieber Shipping ASA has today entered into an agreement with Dolphin

Geophysical as part of an overall restructuring agreement to improve Dolphin's

competitiveness in a challenging market.

GC Rieber Shipping will take early redelivery of the vessel Polar Duke,

representing approx. USD 16 million in reduced hire payments for GC Rieber

Shipping. This, together with Dolphins improved terms of bank loans and reduced

charter rates on Dolphins vessels from Sanco, will significantly improve

Dolphin's costbase.

In addition, GC Rieber Shipping will grant Dolphin a rolling credit facility of

USD 5 million, consisting of payments due to GC Rieber Shipping. The credit

facility is effective for 9 months.

As part of the same agreement, the firm periods of the Polar Duchess and the

Polar Marquis charters have been extended by 18 months.

«We are satisfied we've been able to reach an agreement together with other

major stakeholders that supports Dolphin Geophysical in improving their

competitiveness in the challenging market ahead», says CEO Irene Waage Basili.

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 of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1956767]

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