GC Rieber Shipping - M&A Activity 2015

New joint venture partner for GC Rieber Shipping

GC Rieber Shipping's joint venture partner Primorsk Shipping Corporation

(Prisco) has sold its 50 percent ownership share in the vessel "Polar Pevek" to

Maas Capital Offshore, a company wholly owned by ABN AMRO Bank of the

Netherlands. Maas Capital Offshore is an investment fund focusing on Offshore

Oil & Gas Services.

The joint venture between GC Rieber Shipping and Prisco was established in 2006

when "Polar Pevek" was built. "Polar Pevek" is on a long-term charter to Exxon

Neftegas Ltd until 2021 and operates off the De-Kastri oil terminal, assisting

tankers carrying oil from the Sakhalin I offshore project in eastern Russia.

"I would like to take the opportunity to thank Prisco for a good and

professional cooperation over the last decade in this project," says CEO Irene

Waage Basili in GC Rieber Shipping. "At the same time, I look forward

cooperating with Maas Capital Offshore as our new partner".

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 11 are owned by the company. In addition, the company has one seismic

vessel for delivery in April 2015.

GC Rieber Shipping 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.com.

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

(Norwegian Securities Trading Act)

[HUG#1898609]

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